Virgin Orbit receives more than 30 indications of interest under court approved bid procedures

Written by Copernical Team Monday, 15 May 2023 00:08

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Long Beach CA (SPX) May 15, 2023

Virgin Orbit Holdings, Inc., a responsive space launch provider, has issued an update regarding its ongoing sale process. As part of its court-approved bid procedures, the company has received more than 30 indications of interest as of May 4, 2023. Several potential buyers have proposed to retain the existing business operations and workforce, aiming to operate Virgin Orbit as an ongoing, integr

Virgin Orbit receives more than 30 indications of interest under court approved bid procedures
by Staff Writers
Long Beach CA (SPX) May 15, 2023

Virgin Orbit Holdings, Inc., a responsive space launch provider, has issued an update regarding its ongoing sale process. As part of its court-approved bid procedures, the company has received more than 30 indications of interest as of May 4, 2023. Several potential buyers have proposed to retain the existing business operations and workforce, aiming to operate Virgin Orbit as an ongoing, integrated enterprise.

Company CEO Dan Hart commented on the development, stating, "I'm pleased with the number and quality of the indications of interest we've received. This response reflects the innovative ideas and hard work the team has put into the development of this unique system." Hart also expressed his readiness to continue working with interested parties as the process moves toward the final bid deadline later this month.

This update follows the company's previous announcement of its intention to continue the sale process under Chapter 11 Bankruptcy protection. Virgin Orbit, however, has clarified that there can be no guarantees concerning the final outcome of the process. It is uncertain whether the winning final binding offer will propose to continue operating the company's business and retain current employees. The company also cannot ensure that the winning offer will provide any return to the holders of the company's common stock.

Meanwhile, Virgin Orbit continues its operational activities. The team is currently working on the final integration of their next rocket, with a launch planned for later this year. This progress indicates that, despite the ongoing sale process, the company remains focused on its primary objective of providing responsive space launch services.

As the sale process unfolds, industry observers and stakeholders will be watching closely to see the final outcome and its impact on Virgin Orbit's future trajectory.