by Staff Writers
Los Angeles (Sputnik) Apr 27, 2017
Rocket and Space Corporation Energia (RSC Energia) and Boeing have finally managed to reach a settlement over a sizeable $330 million debt incurred by the Russian company over the Sea Launch project. Russia's RSC Energia and US' Boeing have finally managed to hammer out a settlement following a lengthy litigation which began almost four years ago.
"The settlement came into effect on February 22, and a joint claim was made by Boeing and RSC Energia on March 16. The California court made a final decision to end this litigation. The issue is now closed forever," Solntsev told RIA Novosti. Sea Launch was formed in 1995 as a consortium of four companies from Norway, Russia, Ukraine and the United States, and was managed by Boeing.
The goal of the project was to employ a mobile maritime launch platform to conduct commercial space launches from the equator which gives the rocket additional speed on lift-off thanks to centripetal force caused by Earth's rotation.
In 2009 Sea Launch Co LLC, the provider of the Sea Launch service, filed for bankruptcy, and in 2013 Boeing filed a lawsuit claiming that RSC Energia, PO Yuzhnoye and KB Yuzhnoye failed to reimburse Boeing for over $350 million paid to third-party creditors.
On May 12, the US District Court for the Central District of California ruled in favor of Boeing, stating that Energia owed Boeing more than $320 million plus legal fees.
According to Solntsev, both parties had to overcome numerous hurdles during the settlement negotiations but finally managed to reach a mutual compromise, and that the deal between Energia and Boeing will now allow the companies to engage in a number of joint ventures.
"The details of these negotiations remain a commercial secret; what matters is that the partners were able to break the deadlock. We're now discussing ongoing and ambitious future joint projects, from trips to ISS to deep space flights, which would've been impossible without a settlement," he added.
Solntsev also pointed out that the S7 Group which purchased the Sea Launch project, did not take part in the negotiations with Boeing and will not be making any payments to the US company.
Source: Sputnik News
New Delhi (Sputnik) Apr 26, 2017
Aiming to lower the cost of access to space, the Indian Space and Research Organization (ISRO) chairman A.S. Kiran Kumar has said the space agency is aiming to increase the number of satellite launches from the existing seven to 12 per year. Experts said that increasing the number of launches will help India tap a fast-growing commercial space market. "Earlier, we were doing 2-3 (launches) ... read more
Rocket Science News at Space-Travel.Com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|