Sea Launch granted court approval for $25 million in DIP financing

By Lisa Kerner

Charlotte, N.C., Dec. 3 - Sea Launch Co., LLC was granted approval for up to $25 million in debtor-in-possession financing from Space Launch Services, LLC, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Sea Launch was granted access to $5 million of interim financing under the DIP financing in November in order to satisfy working capital and operational needs, to maintain the company's relationships with vendors, suppliers and customers and to continue to fund payroll and capital expenditures.

The company requested court approval of up to $25 million in DIP financing but has negotiated a commitment of $12.5 million, a prior court filing said.

Sea Launch, a Long Beach, Calif., heavy-lift satellite commercial launch service provider, filed for bankruptcy on June 22. Its Chapter 11 case number is 09-12153.

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