Sea Launch plan may pay Boeing less than owed

* Boeing, Aker could be paid less than owed

* Boeing, Aker have about $1.76 bln in claims -document

* Some trade vendor claims repaid at 17.5 percent

NEW YORK, May 11 (BestGrowthStock) – Bankrupt satellite-launch
services provider Sea Launch Co LLC has filed a disclosure
statement on a proposed plan of reorganization, in which
partial owners including Boeing Co (BA.N: ) could be paid less
than owed.

The company, which offers commercial space launch
capabilities from the Baikonur Space Center in Kazakhstan, is
owned by Boeing, Russia’s RSC Energia and Norway’s Aker ASA
(AKER.OL: ), among others.

Aker and Boeing have $1.76 billion in claims against Sea
Launch, the company said in its disclosure statement filed with
the U.S. bankruptcy court in Delaware. The firms would receive
a share of an unknown amount of creditor trust equity
interests. The total recovery for Boeing and Aker is still
unknown, the court documents said.

Much of the equipment Sea Launch uses for its satellite
launches is either purchased from or installed by its owners.

The Long Beach, California-based company said in the filing
it intends to repay its $30 million debtor-in-possession loans
in full, while current trade vendor’s unsecured claims would be
repaid at 17.5 percent on the dollar. The plan still needs
approval by a bankruptcy judge.

Bankrupt companies must file and receive court approval of
disclosure statements before creditors and other stakeholders
can vote on the the plan of reorganization. The statement is
required to reveal all information needed by the holder of a
claim or interest to allow them to make an informed judgment
before they vote.

Sea Launch filed for Chapter 11 bankruptcy in June 2009,
citing cost overruns, losses from operations and an
unsuccessful launch which damaged critical equipment and
resulted in the loss of business with Hughes Network Systems
[HGCMH.UL].

The case In re Sea Launch Co LLC et al, U.S. Bankruptcy
Court, District of Delaware. No. 09-12153.

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(Reporting by Chelsea Emery, editing by Matthew Lewis)

Sea Launch plan may pay Boeing less than owed