Virgin Orbit, the satellite launch company founded by billionaire Richard Branson, has sold its assets for a total of $36m after filing for bankruptcy protection in April. The company suffered financial problems after a failed launch in January, causing its share price to fall and making it impossible to secure more funding. The setback also forced Virgin Orbit to lay off 85% of its staff in March and struggle to remain operational.
Despite previously making a series of successful launches, the rocket carrying nine satellites, including the US National Reconnaissance Office’s hardware, failed to reach orbit. The company’s intellectual property and six rockets that were in various stages of manufacturing assembly have yet to be sold.
Rocket Lab, a rival firm, acquired Virgin Orbit’s former rocket factory, equipment, and headquarters in Long Beach, California for $16.1m. Stratolaunch, an aerospace company, purchased Virgin Orbit’s 747 jet called Cosmic Girl for $17m. Meanwhile, Launcher Inc., a subsidiary of Vast Space, acquired Orbit’s lease and launch site in the Mojave Desert for $2.7m.
Virgin Orbit was founded in 2017 as an offshoot of Virgin Galactic and aimed to penetrate the small satellite market by providing efficient and adaptable launch services. Its innovative launch methods included using a rocket called LauncherOne, which was strapped to the wing of a converted Boeing 747 named Cosmic Girl. The company was valued at $3.7bn in 2021.
Inliper, a liquidation company, also purchased the company’s office equipment for $650,000 in Monday’s auction. The bankruptcy court is set to approve the sales on Wednesday.
Virgin Galactic, another company owned by Richard Branson, is unaffected by the closure of Virgin Orbit.
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