Thursday, August 15, 2013

US Court Refuses to Dismiss Sea Launch Case

KB Yuzhnoye and PO Yuzhnoye Mashinostroitelny Zavod (Yuzhnoye) have failed in their efforts to dismiss a claim filed against them in US federal court by Boeing and Boeing Commercial Space Company (BCSC) over the Sea Launch project, according to court documents obtained by RAPSI. Yuzhnoye had moved to stay or dismiss, alleging insufficient service of process, breach of an agreement under the Colorado River doctrine, and forum non conveniens. In February 1996, BCSC agreed to lend $183 million to Sea Launch based on the agreements by Yuzhnoye and Energia to guarantee repayment in the amount of their percentage of ownership if Sea Launch were to default on the loan, according to the order. Sea Launch filed for bankruptcy in 2009. At that point, Boeing paid the guarantees and billed Yuzhnoye and Energia for their shares, which they in turn allegedly refused to reimburse.

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