Boeing seeks $350 million for Russian and Ukranian Sea Launch partners
Boeing is bringing Sea Launch partners Energia (Russia), Yuzhnoe and Yuzhniy Metalostroitelniy Zavod (Ukraine) to court over alleged non-payment of debts following the bankruptcy of the company.
Sea Launch was founded by Boeing, Energia, Yuzhnoe, Yuzhniy Metalostroitelniy Zavod and Kvaerner Moss Technology of Norway in 1995 as a joint venture for offshore commercial launches of satellites into space. While the first commercial satellite was successfully launched in 1999, ten years later the company declared bankruptcy amid falling demand and compensation payments following a failed launch.
Following a restructuring in 2010, Russia’s Energia took control of 95% of the company. During the bankruptcy Boeing had to pay $449 million to banks as collateral for loans. Now the company is seeking part of that sum - $222.3 million from Energia and $133.4 million from the Ukrainian companies – back from its partners.
All sides in the dispute have been unwilling or unable to comment.