Virgin Orbit to cease operations after asset sale
- May 24, 2023
- 0
Space company Virgin Orbit said Wednesday it will sell its assets to four successful bidders and cease operations after an auction under the US Bankruptcy Act. This was
Space company Virgin Orbit said Wednesday it will sell its assets to four successful bidders and cease operations after an auction under the US Bankruptcy Act.
This was reported in the company’s press release, as reported by Ukrinform.
“Virgin Orbit’s legacy in the space industry will be remembered forever. Its innovative technologies, relentless pursuit of excellence, and unwavering desire to push the boundaries of airborne launches have left an indelible mark on the industry,” he said.
Transactions are subject to court approval and certain other customary closing conditions. A court confirmation hearing will take place on February 24, 2023, after which the deals will be closed.
As reported by Ukrinform, on April 4 this year, billionaire Richard Branson’s Virgin Orbit aerospace company filed for bankruptcy.
The company is said to have filed for Chapter 11 bankruptcy in the U.S. District Court for the District of Delaware to sell the business after it failed to secure the long-term financing needed to survive a failed rocket launch in January.
Virgin Orbit’s market cap was $65 million. As of April 3rd. Two years ago, the company was valued at $3 billion.
Source: Ukrinform
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