Rocket Lab, Stratolaunch, Vast’s Launcher
Three aerospace companies have successfully bid on bankrupt rocket company Virgin Orbit’s facility leases and equipment, in an auction that amounted to approximately $36 million. Rocket Lab paid $16.1 million for Virgin Orbit’s headquarters in Long Beach, California, which includes 140,000 square feet of space and assets such as 3D printers and a specialty tank welding machine. Stratolaunch won the $17 million “stalking horse” bid for Virgin Orbit’s modified Boeing 747 plane, dubbed “Cosmic Girl”, while Launcher, a subsidiary of Vast Space, purchased the company’s facility in Mojave, California, as well as machinery, equipment, and inventory, for $2.7 million.
Virgin Orbit filed for bankruptcy protection on 4 April, after laying off almost its entire workforce and failing to secure funding to continue operations. The company aims to sell its six rockets that are in varying stages of manufacture, but so far these have not been sold.
The auction falls short of Virgin Orbit’s aim in the Chapter 11 bankruptcy process, which was to entirely sell the company’s assets and intellectual property to one buyer. A liquidation company, Inliper, has agreed to purchase the company’s office equipment for $650,000. The bankruptcy court will approve the sales in a hearing on Wednesday at 2pm ET.
FAQs
What did Rocket Lab purchase from Virgin Orbit?
Rocket Lab paid $16.1 million for Virgin Orbit’s headquarters in Long Beach, California, which includes 140,000 square feet of space and assets such as 3D printers and a specialty tank welding machine.
What did Stratolaunch purchase from Virgin Orbit?
Stratolaunch won the $17 million “stalking horse” bid for Virgin Orbit’s modified Boeing 747 plane, dubbed “Cosmic Girl”.
What did Launcher purchase from Virgin Orbit?
Launcher, a subsidiary of Vast Space, purchased the company’s facility in Mojave, California, as well as machinery, equipment, and inventory, for $2.7 million.
What is the status of Virgin Orbit’s rockets?
Virgin Orbit aims to sell its six rockets that are in varying stages of manufacture, but so far these have not been sold.
Why did Virgin Orbit file for bankruptcy protection?
Virgin Orbit filed for bankruptcy protection on 4 April, after laying off almost its entire workforce and failing to secure funding to continue operations.
Launcher Ventures: Exploring Rocket Lab, Stratolaunch, and Vast’s Launcher.
Rocket company Virgin Orbit’s facility leases and equipment were sold at an auction, according to court filings released on Tuesday. The successful bids for assets amount to around $36m. Although its intellectual property remains unsold, the bankrupt company’s six or so rockets, which were in various stages of assembly, have yet to be sold. A spokesperson for the company confirmed aerospace firm Rocket Lab successfully bid $16.1m for Virgin Orbit’s Long Beach, California headquarters, while Stratolaunch won its $17m “stalking horse” bid for a 747 jet. Launcher, a subsidiary of Vast Space, bought the facility in Mojave, California, along with assets such as machinery, equipment and inventory, for $2.7m. A liquidation company bought the firm’s office equipment for $650,000. Virgin Orbit filed for bankruptcy protection in April after laying off almost all of its workforce when it failed to secure enough funding. Virgin Orbit had hoped to find a wholesale buyer that would keep the company’s assets and intellectual property together but the auction fell short of this goal. A bankruptcy court is set to approve the sales on Wednesday.