Virgin Orbit has extended its bidding deadline for a bankruptcy auction, which the company says has attracted the interest of dozens of potential bidders. In a May 12 filing with federal bankruptcy court in Delaware, Virgin Orbit said the company had agreed, with the consent of the other major parties in the case, to extend the deadline for final bids by four days, from May 15 to May 19. The company has also moved the deadline from May 17 to May 21 to notify bidders that their bid has been considered eligible.

In case of multiple qualified bids for Virgin Orbit or its assets, a bankruptcy auction will be held. This action was postponed from 18 May to 22 May. However, a hearing on the sale is scheduled for May 24.

In a statement, the company did not specify a reason for the extension, merely saying that the bidding procedures gave it the opportunity to extend these terms “at its reasonable discretion” and subject to appropriate consultation. On May 1, the court approved the bankruptcy sale plan. Virgin Orbit is pushing for an “expedited” sale of the company, arguing it will attract new bidders as well as those considering investing in the company before filing for Chapter 11 bankruptcy on April 4.

On May 9, Virgin Orbit said it had received more than 30 “expressions of interest” in the company. He didn’t name any of them, but noted that “several” parties were interested in acquiring the entire company, keeping it running, and keeping existing employees in an “integrated entity.”

“I am delighted with the number and quality of signs of attention we have received, which we believe reflects the innovative ideas and hard work the team put into developing this unique system,” said Dan Hart, Virgin’s CEO. Orbit, the message says. “As we approach the tender deadline, I look forward to continuing to work with those and other parties who have expressed their interest.”

A minimum staff of around 100, hoping to keep the company operating under new owners, continued preparations for LauncherOne’s next launch, which could take place later this year. Virgin Orbit said on April 19 that it completed an investigation into the previous failed LauncherOne mission in January, confirming earlier reports that a dislodged fuel filter had caused the rocket’s upper stage engine to shut down prematurely.

But its new owner will have to deal with more fundamental issues that led to Virgin Orbit’s filing for bankruptcy. This includes high operating costs and a slow start-up rate (only two start-ups per year in 2021 and 2022), which lead to severe operating losses and depletion of cash reserves.

There is no guarantee that the winning bidder will attempt to continue the company’s operations. Instead, bidders may offer to purchase some of the company’s assets, such as the Boeing 747 aircraft, if it will maximize the value of the deal for creditors.