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Sea Launch gets OK for $30 million DIP loan to repay old facility
By Lisa Kerner
Charlotte, N.C., May 12 - Sea Launch Co., LLC's $30 million debtor-in-possession financing from Energia Overseas Ltd. (Russia) was approved by the U.S. Bankruptcy Court for the District of Delaware at a hearing on Wednesday, according to an attorney close to the case.
The company said previously that Energia Overseas is one of its equity holders and is an entity related to S.P. Korolev Rocket & Space Corp.
Sea Launch received court approval in March to receive the remaining $12 million of a previous DIP facility from Space Launch Services, LLC.
In filing the motion for the latest DIP financing, Sea Launch said that the lender has refused to fund $6 million of that DIP commitment because Sea Launch allegedly failed to meet one or more funding conditions.
The Energia financing will be used to pay off $12.5 million under the first DIP loan, as well as $3 million to pay off an additional borrowing and $3 million to pay off the first draw on the amended version of the original facility.
As previously reported, the new loan also includes $9.5 million in incremental liquidity and a $2 million original issue discount.
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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