Branson’s Virgin Orbit sold for $36 mn, shuts business

SAN FRANCISCO: Virgin Orbit, the bankrupt rocket company founded by British billionaire Sir Richard Branson, has shut down operations after selling its business to three aerospace companies for about $36 million in a bankruptcy auction.

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, bought the company’s facility in Mojave, California for $2.7 million, it was reported.

“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.

In April, Virgin Orbit laid off nearly 85 per cent of its workforce - about 675 employees - after it failed to secure key funding.