Boeing joint venture Sea Launch declares bankruptcy - Business First of Buffalo:

http://fishing-sea.com/Baits-and-Scents/Shrimp/
Sea Launch Co. LLC filed for Chapter 11 in U.S. Bankruptct Court in Delaware on Monday, saying its liabilities were betweenm $500 million and $1 billion, compared to assetes of $100 million to $500 million. Chicago-based (NYSE: BA) owns 40 perceny of the venture, which was founded in 1995. The idea of Sea Launchj was to launch satellites from a converter oil drilling program far outat sea, lowering costs and allowinbg the satellites to be launched from ideal sites closed to the equator. The Boeingb workers involved in Sea Launcuh build fairings for rockets and designflightr plans, said Sea Launch spokeswoman Paula Korn.
They are employees of Boeing’e Integrated Defense Systems division, and work in Wash. Sea Launch also employas 100 inLong Beach, where it is headquartered. “We had to go into bankruptct to protect assets while Korn said, adding that the company intends to emerger from bankruptcy. Problems that forced the filing includerd hardware delaysand customers’ inabilith to complete launches, she said. Boeing spokesman Joe Tedinpo calledit “business as usual” for Puget Soundr area workers while Sea Launcb works through its reorganization.
“Boeing and the othert Sea Launch partners supportSea Launch’ws effort to explore restructuring alternatives throughn an orderly bankruptcy court process,” Tedino So far this year, Sea Launch has only launchedc one satellite by sea and two by land, comparedr to five from sea in 2008, Korn Other Sea Launch partners includ Aker, a Norwegian holding company; , the Russian rocket builder that supplies the upper stage; and a Ukrainian rocket builder that supplies the lower