- Bankrupt rocket company Virgin Orbit sold its assets and equipment to Rocket Lab, Stratolaunch, and Vast’s Launcher in a bankruptcy auction yesterday.
- The bids amount to about $36 million in total.
- Virgin Orbit filed for bankruptcy protection on April 4 after the company failed to secure a funding lifeline and laid off nearly its entire workforce.
The modified Boeing 747 plane, named “Cosmic Girl”, will take off from Spaceport Cornwall in southwest England.
Hugh Hastings / Stringer / Getty Images
Bankrupt rocket company Virgin Orbit sold its facility leases and equipment to a trio of aerospace companies in an auction, according to a court filing released on Tuesday.
The 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.
Rocket Lab successfully bid $16.1 million for the company’s headquarters in Long Beach, California, which is about 140,000 square feet, the spokesperson said. Additionally, Rocket Lab’s purchase includes assets such as 3D-printers and a specialty tank welding machine.
Stratolaunch was awarded its $17 million “stalking horse” bid for Virgin Orbit’s 747 jet.
Launcher, a subsidiary of Vast Space, is purchasing the company’s facility in Mojave, California —as well as some machinery, equipment and inventory — for $2.7 million. Virgin Orbit’s Mojave leases include infrastructure such as rocket engine test stands and an aircraft hangar.
A liquidation company, Inliper, is purchasing the company’s office equipment for $650,000.
Rocket Lab, Stratolaunch, and Launcher did not immediately respond to CNBC requests for comment.
Previously in the bankruptcy process, Virgin Orbit agreed to the terms of Stratolaunch’s bid, which was to purchase the 747 jet “Cosmic Girl” and other aircraft assets. Stratolaunch has been developing its own airborne system, the world’s largest airplane called “Roc,” as a platform for hypersonic flight testing.
Virgin Orbit filed for bankruptcy protection on April 4 after the company failed to secure a funding lifeline and laid off nearly its entire workforce. The auction outcome falls short of Virgin Orbit’s goal in the Chapter 11 bankruptcy process, which was to find a wholesale buyer that would keep the company’s assets and intellectual property together.
The bankruptcy court is set to approve the sales in a hearing on Wednesday at 2 p.m. ET.