Citing a slowdown in its business caused, in part, by the recent global credit crunch, Sea Launch has filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Based in Long Beach, California, Sea Launch is owned by Boeing (40%) and by foreign partners that include RSC-Energia of Russia, Kvaener ASA of Norway, and SDO Yuzhnoye/PO Yuzhmash of the Ukraine. In addition to operating its seagoing launch platform in the equatorial waters of the Pacific Ocean, the company has started offering landbased launches from the Baikonur Space Center in Kazakhstan. In its filing last week with a Delaware bankruptcy court, Sea Launch listed assets of $100-$500 million against liabilities of $500 million-$1 billion. While court papers described a slow-down in business as a contributing factor to the Chapter 11 filing, a Sea Launch spokeswoman acknowledged that a January 2007 launch pad explosion that destroyed a Hughes Network Systems satellite and that heavily damaged the Sea Launch floating platform added to her company’s financial difficulties as customers were forced to reschedule missions or move to other launch providers during the months it took to complete repairs. Currently, Sea Launch has ten upcoming satellite launches on its schedule, and the company intends to use cash balances to meet its operational requirements. Emphasizing that “Sea Launch intends to maintain all normal business operations” during the Chapter 11 process, Sea Launch President Kjell Karlsen observed that reorganization “provides an opportunity for us to continue our operations and focus on building our future plans.”