Bankrupt Rocket Firm Virgin Orbit Sells Assets and Ceases Operations
Via CNBC
Summary
Virgin Orbit, Richard Branson's satellite launch company, formally ceased operations in May 2023 after completing a bankruptcy auction that sold its remaining assets to three aerospace firms for a combined total of approximately $36 million. Rocket Lab acquired the Long Beach headquarters for $16.1 million, Stratolaunch purchased the modified 747 carrier aircraft for $17 million, and Vast's subsidiary Launcher bought the Mojave facility for $2.7 million.
The collapse came just months after a high-profile January 2023 mission failure in which the LauncherOne rocket malfunctioned during the first orbital launch attempt from the United Kingdom, destroying all nine satellites onboard. Virgin Orbit had filed for Chapter 11 bankruptcy in April 2023 after failing to secure emergency funding. The $36 million in proceeds represented less than 1% of the company's $3.7 billion valuation at its 2021 peak.
