Bankrupt rocket company Virgin Orbit is shutting down after selling its facility leases and equipment to a trio of aerospace companies in an auction,

Virgin Orbit shuts down after bankruptcy sales

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2023-05-23 22:00:03

Bankrupt rocket company Virgin Orbit is shutting down after selling its facility leases and equipment to a trio of aerospace companies in an auction, the company confirmed on Tuesday.

"As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders," the company said in a statement.

"Virgin Orbit's legacy in the space industry will forever be remembered. Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry," the company added.

Spun out of Virgin Galactic in 2017 by founder Sir Richard Branson, Virgin Orbit reached rarefied air by flying multiple missions. But difficulty raising funds, and slow execution, brought the once multibillion-dollar company to bankruptcy and ultimately shut down.

Monday's auction bids amount to about $36 million in total. Virgin Orbit's six or so rockets that were in various stages of manufacturing assembly, and its intellectual property, have yet to be sold, a Virgin Orbit spokesperson confirmed.