Relaunches sole raft badly (8)

I believe the answer is:

refloats

'relaunches' is the definition.

'sole raft badly' is the wordplay.
'badly' is an anagram indicator.
'sole'+'raft'='soleraft'
'soleraft' with letters rearranged gives 'REFLOATS'.

I've seen this clue in The Independent.

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