Sea Launch has signed a contract with AsiaSat to launch a future satellite for $98m, settling a previous dispute rising out of Sea Launch’s bankruptcy.
Sea Launch expects to emerge from bankruptcy by September 2010 based on a financial lifeline provided by RSC Energia, which manufactures the upper stage of Sea Launch’s Zenit 3SL rocket.
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AsiaSat is one of the unsecured creditors in the Sea Launch bankruptcy.
Under a May 2006 contract, Sea Launch was to launch the AsiaSat 5 satellite for which AsiaSat had paid $31.5m in milestone payments.
As per the new contract, Sea Launch will provide AsiaSat with a $16.5m credit to be used for a future launch.
The launch is expected to take place between January 2012 and December 2014 for a satellite and the credit will bring down the cost of the launch from the original $105m-$114m to $88.8m-$97.8m.
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By GlobalDataThe contract provides Sea Launch with a better recovery position of the claim and is a better alternative to the recovery proposal, according to AsiaSat.
