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.
“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.
“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.