Sea Launch's disclosure statement hearing rescheduled to June 21

By Lisa Kerner

Charlotte, N.C., June 14 - Sea Launch Co., LLC's hearing to approve its disclosure statement was rescheduled by the court to June 21 from June 14, according to a Friday filing with the U.S. Bankruptcy Court of the District of Delaware.

As previously reported, the company filed its plan of reorganization and related disclosure statement on May 10.

Since filing for bankruptcy, the company said it has negotiated a $140 million equity investment and $200 million in exit financing, both from equity holder Energia Overseas.

Treatment of creditors will include:

• Holders of administrative claims, priority tax claims and priority claims will be paid in full in cash;

• Debtor-in-possession facility claims will be either paid in full in cash from proceeds of the exit financing or be converted into new common stock;

• Other secured claims will be reinstated;

• Holders of current trade vendor unsecured claims will recover 17.5% in cash from exit financing proceeds;

• Holders of non-insider general unsecured claims, Aker and Boeing claims and Yuzhmash and Yuzhnoye claims will receive a share of creditor trust equity interests;

• Holders of Energia claims will receive a share of $28.8 million in preferred shares of reorganized Sea Launch in exchange for allowed partner currency control claims and a share of creditor trust equity interests in exchange for allowed partner claims;

• Holders of Sea Launch equity interests will receive no distribution; and

• Holders of subsidiary interests will retain their interests.

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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