Aerospace

Virgin Orbit to Sell Assets to Stratolaunch, Rocket Lab

Orion sent a photo of Earth from its orbit on the sixth day of its voyage to the moon.

Virgin Orbit Holdings, Inc., a flexible space launch provider, declared that it will sell its assets to four successful bidders and discontinue operations after a thorough selling process and a competitive auction performed in accordance with the Bankruptcy Code.

According to bankruptcy court documents issued on Tuesday, Virgin Orbit will pay $17 million to Stratolaunch to purchase Cosmic Girl, a modified Boeing 747. No better offers were received. In the meantime, Rocket Lab has agreed to pay $16.1 million for the primary rocket facility of Virgin Orbit in Long Beach.

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“Virgin Orbit has always been at the forefront of innovation, and their LauncherOne air launch technology has significantly advanced the field of commercial rocket launch. Modern technology, unique knowledge, and a dedication to quality have helped the company become a leader in the developing commercial launch sector.

Virgin Orbit’s management and staff would like to express their sincere gratitude to all stakeholders, including customers, partners, investors, and workers, for their support and commitment over the years as the company sets out on this journey. The Company has been able to reach key milestones and contribute significantly to the development of satellite launch in the United States and the United Kingdom mainly to their combined efforts.

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“Virgin Orbit’s legacy in the space industry will forever be remembered. Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry.”

As previously announced, on April 4, 2023, the Company and its U.S.-based subsidiaries filed a voluntary proceeding under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”) in the United States Bankruptcy Court in the District of Delaware in order to effectuate a sale of the business. The combined total proceeds were determined by a rigorous and competitive auction which maximizes value for the estate and minimizes the remaining duration of the Company’s restructuring.

Aerospace

EASA Ends Suspension on PIA, Approves Flights to Europe

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The suspension of Pakistan International Airlines (PIA) from operating in Europe is finally over, marking a significant turning point for Pakistan’s aviation sector.

After years of scrutiny and stringent safety assessments, the European Commission and the European Aviation Safety Agency (EASA) have officially lifted the ban on PIA. This decision also grants Airblue authorization to operate flights to Europe, further enhancing Pakistan’s connectivity with the region.

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PIA’s suspension, initially imposed in June 2020, was a direct consequence of concerns regarding the oversight capabilities of Pakistan’s Civil Aviation Authority (PCAA). These concerns were triggered shortly after a tragic PIA plane crash that claimed 97 lives, prompting an investigation into the validity of pilot licenses issued in the country.

Now, after four years of continuous efforts and reforms by the PCAA, EASA has expressed renewed confidence in Pakistan’s aviation regulatory framework. In a statement, EASA highlighted that Pakistan has successfully addressed safety compliance issues, enabling PIA to resume its operations within the European Union.

A spokesperson for PIA expressed optimism, emphasizing the airline’s commitment to strictly adhere to EASA’s regulations and guidelines. “This milestone has been achieved after four years of relentless efforts by the PIA management,” the spokesperson said.

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The lifting of the ban is expected to have a profound impact on PIA’s future. The airline, which employs over 7,000 people, has faced criticism in the past for poor management, financial instability, and regulatory challenges.

However, the restoration of European operations is seen as a vital step toward regaining its competitive edge, improving its financial standing, and restoring its reputation on the global stage.

Pakistan’s government, which has been exploring options to privatize the debt-laden national carrier, is hopeful that this development will attract foreign investment and bolster the country’s aviation industry.

With a renewed focus on compliance and safety, PIA is now poised to rebuild its presence in Europe, offering Pakistani travelers and international passengers more connectivity and improved service.