Buccino Client Obtains Additional DIP Financing

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May 10, 2010, 11:22 ET

CHICAGO, May 10 /PRNewswire/ -- Gerald P. Buccino, Chairman and CEO is pleased to announce that Sea Launch Company, LLC ("Sea Launch") has obtained a $30 million DIP facility from Energia Overseas Limited ("EOL").

Christopher L. Picone, a Managing Director in the firm's Chicago office and Chief Restructuring Officer for Sea Launch assisted the Company in the transaction.

The new DIP financing agreement with EOL, which received interim approval from the U.S. Bankruptcy Court in Delaware on April 27, provides additional funding to Sea Launch, totaling $30 million. Part of the proceeds of this facility will be used to repay all outstanding DIP loans to date, amounting to approximately $19 million. The remaining balance of this facility will be used to fund ongoing operations at Sea Launch through confirmation of its Plan of Reorganization.

The new arrangement is also expected to position Sea Launch for exit financing, as the Company prepares for its successful emergence from the Chapter 11 bankruptcy proceedings. The DIP financing transaction closed on April 30.

Sea Launch, headquartered in Long Beach, Calif., offers the most direct and cost-effective route to geostationary orbit for commercial communications satellites. Sea Launch also offers Land Launch services for medium weight satellites, with launch operations originating from the Baikonur Space Center in Kazakhstan. For additional information, please visit the company website at: www.sea-launch.com.

About Buccino & Associates, Inc.

Founded in 1981, Buccino & Associates, Inc. is one of America's premier strategic and financial consulting firms providing clients comprehensive advisory services designed to enhance cash flow and position companies for long-term profitability. Services include strategic and financial assessment of business operations; turnaround consulting; financial advisory services to lenders, creditors and other economic stakeholders; crisis and interim management; valuation; real estate; insolvency and reorganization services; corporate restructuring; forensic analysis; litigation support and expert testimony. Buccino & Associates, Inc. has offices in Chicago and New York.

For more information see www.buccinoassociates.com.