A federal bankruptcy court approved this month plans to sell Virgin Orbit’s assets; this may lead to a new owner or liquidation of the launch provider. At a hearing held May 1, the U.S. District of Delaware Bankruptcy Court upheld an order setting out procedures for bidding for the sale of the company’s assets. On April 4, Virgin Orbit filed for Chapter 11 bankruptcy.

The order sets a fast sales deadline for the company. Potential bidders have until 4 May to submit non-binding statements of interest, and formal bids must be submitted by 15 May. If more than one suitable bid is submitted, the tender will be held on May 18. The hearing on the sale is scheduled for May 24 in bankruptcy court.

This program is similar to the one the company proposed in court filings last month. He was looking for what he called an “accelerated” sale that would appeal to both those considering investing in the company prior to the Chapter 11 application and new bidders.

“We continue to make significant progress and remain focused on completing our company sales process for the benefit of all stakeholders,” Dan Hart, Virgin Orbit’s chief executive officer, said in a statement last month. We are committed to working with our investors and lenders throughout this process to achieve the best possible outcome for everyone.”

For some, like Hart, the best outcome would be to sell the entire company to a new owner who will continue to operate. Virgin Orbit, which has at least about 100 employees after the company laid off most of its workforce in late March, continues to prepare for LauncherOne to return to service later this year. On April 19, the company said it had completed its investigation into the LauncherOne mission, which failed in January, and confirmed that a dislodged fuel filter had caused the rocket’s upper stage to shut down prematurely.

However, bidders may instead offer to buy some of the company’s assets, such as the Boeing 747 aircraft, if this maximizes the value of the deal to creditors. This effectively destroys the company. The trial also approved a final order for borrower-held financing to keep Virgin Orbit afloat during the Chapter 11 process. This provides the company with up to $74.1 million in loans.