Wednesday, November 29, 2023
HomeEditor’s PicksUpdated: Status of Virgin Orbit as of May 13, 2023

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: 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.

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.

Reference: Space News



Subscribe to our weekly newsletter. Sent every Monday morning. Quickly scan summaries of all articles published in the previous week.

Most Popular