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Virgin Orbit Closes After Bankruptcy Declaration, Sells Remaining Assets
Photo by: Joseph Bobadilla/Unsplash
Virgin Orbit, the spin-off of Richard Branson's Virgin Galactic space tourism business, filed for bankruptcy last month, and now the company is completely shutting down. Before the closure, the company that makes and markets LauncherOne rocket has already sold its facility leases and equipment.
It was confirmed on Tuesday, May 23, that Virgin Orbit sold its remaining assets to three different aerospace companies through an auction. As per CNBC, the company, founded by the billionaire Richard Branson, has already launched many flying missions since 2017. However, it struggled to raise funds, and its accomplishments were too slow in coming and ultimately led to the company's bankruptcy.
The auction of Virgin Orbit's assets received a total of $36 million in bids. The properties include the firm's more than six rockets that are in various stages of assembly. Then again, it was revealed that it has yet to sell its intellectual property.
Reuters reported that other machinery and equipment that were used by Virgin Orbit in building its flagship LauncherOne rockets were auctioned off as well. The company said it will hand the asses to four winning bidders and then shut down the operations.
"The combined total proceeds were determined by a rigorous and competitive auction which maximizes value for the estate and minimizes the remaining duration of the Company's restructuring," the company said in a statement. "Virgin Orbit's legacy in the space industry will forever be remembered."
Virgin Orbit also thanked its employees, partners, and shareholders for their support throughout the operation of the business.
"As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years," the company said in a press release. "Virgin Orbit's legacy in the space industry will forever be remembered. Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry."
Photo by: Joseph Bobadilla/Unsplash
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