Wednesday, June 24, 2009

Ground Control to Major Thom


From LATimes:
Long Beach rocket launch venture files for bankruptcy
Sea Launch fires satellites into space from a floating platform at sea and a land facility in Kazakhstan. Its owners include Boeing as well as Russian, Norwegian and Ukrainian partners.
June 24, 2009

Sea Launch Co., a Long Beach-based rocket venture that is 40% owned by aerospace giant Boeing Co., has filed for Bankruptcy Court protection, citing recurring losses from operations.

The unusual company, which includes Russian, Norwegian and Ukrainian partners, said lower demand for lifting commercial satellites into space and a recent inability to secure financing to pay a $52-million arbitration ruling against it led to the Chapter 11 filing.

The venture, which launches rockets at sea from a floating platform, said in a statement that it "intends to maintain all normal business operations."

"Subject to court approval, Sea Launch will initially use its cash balance to meet operational requirements during the reorganization process," it said. It has about 130 employees based in Long Beach.

In the filing, Sea Launch listed assets of up to $500 million and liabilities of more than $1 billion.

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Boeing is not having a good month. California, a bad decade.

10 comments:

wagga said...

Do we all remember how America's rocket scientist's kids first learned to count?

10
9
8
7
6
5
4
3
2
1
OH SHIT!!!

Rob Dawg said...

Wagga probably recalls that my old school named the chemistry building after Robert Goddard. The very same building he blew up.

Andrew said...

Don't you worry, I'm sure that you'll get the marine biology building named in your honor soon enough, Walrus. :)

Agent #777 said...

Sounds like they might want some Rocket Experience!!

edgar said...

Boeing is not having a good month. California, a bad decade.

Yah, but in Callie you don't have to pay your mortgage and you never get evicted. Free houses for everyone!

Lou Minatti said...

Yah, but in Callie you don't have to pay your mortgage and you never get evicted. Free houses for everyone!

Juat one reason why California is so great. Another reason: You can commit massive mortgage fraud and steal millions from banks and never go to prison!

Sheeyt, you guys have it all. Great weather on the coast, free housing, bailouts from the other 49 states when your government is dysfunctional... what's not to like?

edgar said...

Free fraud for everyone, woohoo!

Bill in NC said...

Back to issuing IOUs in California?

http://www.reuters.com/article/topNews/idUSTRE55O07Q20090625?sp=true

Will banks accept them at par...this time?

Sun said...

Yeah but there was not intent(tm) of doing any sweet (oh so sweeet) juicy fraud

Rob Dawg said...

I want my IOU in the form of a debit card that I can swipe to pay sales tax on my purchases.