12:55 26.08.2016

Debt collection from Ukrainian, Russian founders of Sea Launch in favour of Boeing suspended

2 min read
Debt collection from Ukrainian, Russian founders of Sea Launch in favour of Boeing suspended

The United States District Court for the Central District of California suspended a decision made by the court in 2015 to collect outlays of Boeing Corporation from Ukrainian and Russian founders of the Sea Launch international consortium.

Boeing paid the bills of the consortium during its bankruptcy procedure in 2009. The sides have resumed talks to look for an optimal decision to pay off debts to the U.S. partner under the project, a source close to the talks at Pivdenmash (Dnipro) has told Interfax-Ukraine.

The source said that during the consultations held between Boeing and Russia's Rocket and Space Corporation Energia after the court decision was made, the sides made arrangements to suspend the legal procedures to collect the debt for an indefinite period or freeze assets of Energia, or companies affiliated with it, located in the United States. .

The source said that under a petition filed by representatives of Ukraine to provide for equal conditions of paying the debt for all the parties, in July 2016 the same court decided to suspend the debt collection for an indefinite period for Ukraine's Pivdenmash and Pivdenne Design Bureau.

"According to court ruling DKT N1030 dated July 22, 2016, the debt collection schedule approved earlier has been annulled," the source said.

The source could not specify the approximate sum of loss Ukrainian founders of the Sea Launch consortium could face if the court reinstates the suspended procedure.

The source said that representatives of the participants of the court proceedings had resumed consultations.

As reported, in September 2015, the United States District Court for the Central District of California satisfied an action filed by Boeing seeking $356 million in reimbursement from Sea Launch partners, including Ukraine's Pivdenmash.

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