Boeing Sues Russian, Ukrainian Space Companies for $350 Mln

Boeing has filed a breach-of-contract lawsuit in the amount of $350 million with interest still accruing against two Russian and Ukrainian space transportation giants who the company claims are obligated to reimburse Boeing for its investment in Sea Launch Co., a sea-based platform specializing in commercial satellite launches that applied for Chapter 11 reorganization in 2009, Bloomberg reported Tuesday. The lawsuit was reportedly filed in a US federal district court in California against Ukrainian company Yuzhnoye SDO and the Russian S.P. Korolev Rocket and Space Corporation Energia (Energia). The complaint alleges that the Ukrainian and Russian companies breached their duty to reimburse Boeing in case of the satellite launch venture’s failure. Bloomberg quoted Boeing as having stated: “Yuzhnoye and Energia owe Boeing and BCSC more than $350 million, with interest continuing to accrue daily… Instead of paying claims to which they have no defense on the merits, Yuzhnoye and Energia have decided to stall and evade, forcing plaintiffs to chase them around the world to secure payment of debts clearly owed.”

http://www.rapsinews.com/judicial_news/20130205/266299555.html