Virgin Orbit shuts down after selling assets to 3 aerospace companies

Virgin Orbit, the beleaguered satellite launch company that filed for bankruptcy close to two months ago, said it has agreed to sell key assets worth over $35 million to three aerospace companies and will cease operations.

The piecemeal sale of the California-based company — which was operating at a $50.5 million loss and filed for bankruptcy in early April, days after failing to secure long-term financing and furloughing all but 100 staff members — is subject to court approval today (May 24), “with the transactions expected to close shortly thereafter,” according to a company statement on Tuesday evening (May 23). 

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