Richard Branson’s rocket company Virgin Orbit sold for $36 mn, shuts biz

Virgin Orbit, the bankrupt rocket company based by British billionaire Sir Richard Branson, has shut down operations after promoting its enterprise to a few aerospace corporations for about $36 million in a chapter public sale.

Rocket Lab bid $16.1 million for the company’s headquarters in Long Beach, California. Stratolaunch was awarded its $17 million “stalking horse” bid for Virgin Orbit’s 747 jet.

Launcher, a subsidiary of Vast Space, purchased the company’s facility in Mojave, California for $2.7 million, studies CNBC.

“As Virgin Orbit embarks on this path, the administration and workers want to prolong their heartfelt gratitude to all stakeholders,” the company stated in a press release.

In April, Virgin Orbit laid off practically 85 per cent of its workforce — about 675 workers — after it did not safe key funding.

Rocket Lab stated the Virgin Orbit property will enhance its manufacturing, manufacturing, and check capabilities, particularly in growing its bigger Neutron rocket.

Virgin Orbit’s six rockets in varied phases of producing meeting, and its mental property, are but to be sold.

Founded by Sir Bransonin 2017, the company started business service in 2021, and delivered business, civil, nationwide safety, and worldwide satellites into orbit.

Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747-400 service plane that enables Virgin Orbit Holdings, Inc to function from areas everywhere in the world.

(With inputs from IANS)