Virgin Orbit Closing for Good After $36.4M Asset Sale Written 24 May 2023
Virgin Orbit's Cosmic Girl. | Credit: Tmedia1; Wikimedia Commons
Reuters reports that on Tuesday, Virgin Orbit “revealed that it was closing for good after a $36.4 million asset sale, including an agreement to sell the bulk of its Long Beach, California, headquarters to small-launch firm Rocket Lab USA Inc.” Rocket Lab won Virgin Orbit’s “primary manufacturing site for $16 million during an auction held on Monday, according to a court filing disclosing the results of a weeks-long Chapter 11 bid process. The purchase agreement includes machinery and equipment that had been used to manufacture Virgin Orbit’s flagship LauncherOne rockets, which air-launched from the belly of a modified Boeing 747. It is subject to the bankruptcy court’s approval during a hearing scheduled for Wednesday.”
Full Story (Reuters)