Sale of Virgin Orbit Draws Significant Interest

More than 30 companies have expressed interest in the sale of Virgin Orbit Holdings, the company said recently in an update regarding the process for the sale.

“I’m pleased with the number and quality of the indications of interest we’ve received, which we believe reflects the innovative ideas and hard work the team has put into the development of this unique system."

Virgin Orbit CEO Dan Hart.

Pursuant to court-approved bid procedures, as of May 4, 2023 the Company had received over 30 indications of interest including multiple parties that proposed to continue to operate the business as a going concern and retain current employees in an integrated enterprise. A bid deadline for final binding offers is set for later this month.

“I’m pleased with the number and quality of the indications of interest we’ve received, which we believe reflects the innovative ideas and hard work the team has put into the development of this unique system," said Company CEO Dan Hart. "I look forward to continuing to work with those who have expressed interest and other parties as we approach the final bid deadline.”

Sale of Virgin Orbit Proceeding under Chapter 11 Protection

This announcement follows the Company’s previous statement that it will continue a process for sale of Virgin Orbit under Chapter 11 Bankruptcy protection. No assurances can be made that the winning final binding offer in the process will propose to continue to operate the Company’s business as a going concern and retain current employees in an integrated enterprise, or that the winning binding offer will result in any return to holders of the Company’s common stock. Simultaneous to the sale process, the Virgin Orbit team is progressing with the final integration of the next rocket toward launch, currently planned for later this year.

Founded by Sir Richard Branson in 2017, the Virgin Orbit began commercial service in 2021, and has already delivered commercial, civil, national security, and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747-400 carrier aircraft that allows Virgin Orbit Holdings, Inc to operate from locations all over the world in order to best serve each customer’s needs.

(Source: Virgin Orbit news release. Images from file)