Virgin Orbit sets deadline for bids
April 21, 2023
By Chris Forrester
Virgin Orbit, in a filing to its Chapter 11 bankruptcy court, has set a deadline of May 4th for parties interested in acquiring the business to indicate their interest. Then, it has set May 14th to enter their formal bids.
Additionally, May 9th has been set for a meeting of the company’s Creditors.
Dan Hart, Virgin Orbit CEO, said: “We continue to make progress and remain focused on positioning the company to complete our sale process to the benefit of all stakeholders. We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale.”
April 19th saw Virgin Orbit submit their Plan of Liquidation, a 60-page document, to the court. There will be a formal hearing on May 24th before Judge Karen B. Owens, US Bankruptcy Court for the District of Delaware.
The Plan sets out the company’s suggestions as to which shareholders would be entitled to participate in the liquidation.