Virgin Orbit's Demise: Key Assets Sold, Mission Failure, and Bankruptcy Sales
TL;DR
Virgin Orbit has agreed to sell key assets worth over $35m to three aerospace companies and will cease operations. The California-based company filed for bankruptcy in early April after failing to secure long-term financing and furloughing all but 100 staff members. Stratolaunch, Rocket Lab and Launcher are the winning bidders of a weeks-long sale process that ended in a bankruptcy auction held on Monday. Six rockets in assembly stages are still pending sale, a Virgin Orbit spokesperson told CNBC's Michael Sheetz.
Topics:businessspaceflight#aerospace-companies#bankruptcy#rocket-lab#spaceflight#stratolaunch#virgin-orbit
- Virgin Orbit shuts down after selling key assets to 3 aerospace companies Space.com
- Virgin Orbit: Branson’s rocket dream ends after mission failure BBC
- Virgin Orbit shuts down after bankruptcy sales CNBC
- No one should be surprised Virgin Orbit failed—it had a terrible business plan Ars Technica
- Virgin Orbit gets stripped for parts as the company shuts down Engadget
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