"Sea Launch intends to continue to maintain all normal business operations after the filing for reorganization. Subject to court approval, Sea Launch will initially use its cash balance to meet operational requirements during the reorganization process and is addressing Debtor in Possession financing, if necessary," says a company release dated June 22.

The announcement of the Chapter 11 filing comes just hours after the firm put into orbit the MEASAT-3a communications satellite (formerly MEASAT-1R) at the end of a mission originating from the Zenit launch site at the Baikonur Space Center in Kazakhstan. The Zenit-3SLB vehicle lifted off the from the Land Launch pad at 2:50 pm Pacific Time on June 21.

The Sea Launch Company offers what it calls "the most direct and ost-effective route to geostationary orbit for commercial communications satellites. With the advantage of a launch site on the Equator, the robust Zenit-3SL rocket can lift a heavier mass or provide longer life on orbit, offering best value plus optimized spacecraft orbital delivery. Sea Launch also offers Land Launch services for medium weight satellites, with launch operations originating from the Baikonur Space Center in Kazakhstan."

Sea Launch President/GM Kjell Karlsen said in the company release, "We want to assure our customers, employees, suppliers and partners that Sea Launch intends to continue to operate after the filing. Chapter 11 reorganization provides an opportunity for us to continue operations and focus on building our future plans. We are grateful for the continued support of our customers and partners while we focus on reorganizing for the future."