Sea Launch seeks OK to migrate reorganized company to effect plan

By Lisa Kerner

Charlotte, N.C., Oct. 1 - Sea Launch Co., LLC asked the court to issue an order authorizing certain technical modifications to its second amended plan of reorganization that was confirmed in July, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Intricacies in Swiss law may delay the migration of reorganized Sea Launch as well the company's ability to effect its plan and emerge from Chapter 11, the filing said.

Sea Launch seeks supplemental approval to allow for the migration of reorganized Sea Launch to the Grand Duchy of Luxembourg, the Bailiwick of Jersey, or a similarly situated locale in order to proceed with the consummation of the plan, the filing said.

The modification to the migration process will require other technical and timing modifications to the plan, the investment agreement, the shareholder agreement and the revolving credit agreement.

A hearing is scheduled for Oct. 12.

Sea Launch, a Long Beach, Calif., heavy-lift satellite commercial launch service provider, filed for bankruptcy on June 22, 2009. Its Chapter 11 case number is 09-12153.

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