---
title: "Updated: Status of Virgin Orbit as of May 13, 2023"
id: 36845
type: "post"
slug: "status-of-virgin-orbit-as-of-may-2023"
author: "NSE"
published: "2023-05-12T23:45:23+00:00"
modified: "2024-02-08T13:34:11+00:00"
canonical: "https://newspaceeconomy.ca/2023/05/12/status-of-virgin-orbit-as-of-may-2023/"
markdown_url: "https://newspaceeconomy.ca/2023/05/12/status-of-virgin-orbit-as-of-may-2023.md"
description: "This article provides current status and timeline for next steps."
language: "en-US"
category:
  - "Archived"
  - "Space Economy"
post_tag:
  - "Nasdaq"
  - "Space News"
---

# Updated: Status of Virgin Orbit as of May 13, 2023

The company filed for Chapter 11 bankruptcy on April 4, 2023 and its stock has been delisted from NASDAQ. A federal bankruptcy court has approved plans to conduct a sale of Virgin Orbit’s assets.

[DATES UPDATED](https://cases.ra.kroll.com/virginorbit/ExternalCall-DownloadPDF?id1=MjQxNzIyMg==&id2=0&cid=0): Potential bidders had until May 4 to submit non-binding indications of interest, with formal bids due by May 19. If more than one qualified bid is received, an auction will take place on May 22. A hearing on the sale is scheduled for May 24 in bankruptcy court.

The updated dates are provided in the following table from the [court filing](https://cases.ra.kroll.com/virginorbit/ExternalCall-DownloadPDF?id1=MjQxNzIyMg==&id2=0&cid=0).

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2023/05/IMG_3813.jpeg?resize=696%2C580&ssl=1)

A successful bid to purchase the entire company could allow the company to continue operations under a new owner. However, there is a possibility that bidders could propose to purchase some subset of the company’s assets, which would effectively break up the company.

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2023/05/bankrupt.png?resize=696%2C696&ssl=1)

Reference: [Space News](https://spacenews.com/court-approves-plans-for-virgin-orbit-bankruptcy-sale/)