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Boeing Expected To Dump Sea Launch Stake

President of Sea Launch Co. says he expects Boeing to drop all or most of its ownership of the satellite-launching business.

LOS ANGELES (AP) -- The president of Sea Launch Co. says he expects Boeing to drop all or most of its ownership of the satellite-launching business.

Kjell Karlsen heads Long Beach, Calif.-based Sea Launch, which filed for bankruptcy protection in June. He said in Thursday's Los Angeles Times that he doesn't expect Boeing to commit any more capital but the aerospace giant is likely to continue as a supplier.

Boeing Co. spokesman Joe Tedino declined to speculate on the company's future with Sea Launch. Chicago-based Boeing owns 40 percent of the company.

Sea Launch filed for Chapter 11 after being hit with a $52 million judgment stemming from a platform explosion that destroyed a satellite two years ago. The company says it has court permission to secure up to $12.5 million in financing and hopes to emerge from bankruptcy next year.

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