Big Law

Virgin Orbit Announces Company Will Cease Operations and Sell Its Assets

Richard Branson’s Virgin Orbit is shutting down less than two months after the satellite launch start-up filed for Chapter 11 bankruptcy protection, according to a Tuesday company announcement.

Virgin Orbit will cease operations and sell its assets to four winning bidders, the company announced Tuesday. Those bidders include three aerospace companies — Rocket Lab, Stratolaunch and Vast Space subsidiary Launcher — with combined bids totaling almost $36 million, according to court documents.

A sale hearing for court approval is scheduled for Wednesday afternoon and transactions are expected to close soon after, the company said.

Read the source article at abcnews.go.com

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