Insider Brief:
- Virgin Orbit Holdings, Inc. announced an update regarding the process for sale of the Company.
- 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.
PRESS RELEASE — Long Beach, California / May 8, 2023 / BUSINESS WIRE / — Virgin Orbit Holdings, Inc. (the “Company” or “Virgin Orbit”), a responsive space launch provider, has announced today an update regarding the process for sale of the Company. 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.
Company CEO Dan Hart said:
“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. I look forward to continuing to work with those who have expressed interest and other parties as we approach the final bid deadline.”
This announcement follows the Company’s previous statement that it will continue a process for sale of the Company 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.
Contact Information:
Virgin Orbit
Alison Patch, Senior Director of Communications (US)
+1 949 616 2504
[email protected]
SOURCE: Business Wire
Featured image: Cosmic Girl releases LauncherOne mid-air for the first time during a July 2019 drop test. Credit: Virgin Orbit/Greg Robinson.
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