* Boeing, Aker could be paid less than owed
* Boeing, Aker have about $1.76 bln in claims -document
* Some trade vendor claims repaid at 17.5 percent
NEW YORK, May 11 (Reuters) - Bankrupt satellite-launch services provider Sea Launch Co LLC has filed a disclosure statement on a proposed plan of reorganization, in which partial owners including Boeing Co (BA.N) could be paid less than owed.
The company, which offers commercial space launch capabilities from the Baikonur Space Center in Kazakhstan, is owned by Boeing, Russia’s RSC Energia and Norway’s Aker ASA (AKER.OL), among others.
Aker and Boeing have $1.76 billion in claims against Sea Launch, the company said in its disclosure statement filed with the U.S. bankruptcy court in Delaware. The firms would receive a share of an unknown amount of creditor trust equity interests. The total recovery for Boeing and Aker is still unknown, the court documents said.
Much of the equipment Sea Launch uses for its satellite launches is either purchased from or installed by its owners.
The Long Beach, California-based company said in the filing it intends to repay its $30 million debtor-in-possession loans in full, while current trade vendor’s unsecured claims would be repaid at 17.5 percent on the dollar. The plan still needs approval by a bankruptcy judge.
Bankrupt companies must file and receive court approval of disclosure statements before creditors and other stakeholders can vote on the the plan of reorganization. The statement is required to reveal all information needed by the holder of a claim or interest to allow them to make an informed judgment before they vote.
Sea Launch filed for Chapter 11 bankruptcy in June 2009, citing cost overruns, losses from operations and an unsuccessful launch which damaged critical equipment and resulted in the loss of business with Hughes Network Systems [HGCMH.UL].
The case In re Sea Launch Co LLC et al, U.S. Bankruptcy Court, District of Delaware. No. 09-12153. (Reporting by Chelsea Emery, editing by Matthew Lewis)