Virgin Orbit: 30 potential buyers
May 9, 2023
By Chris Forrester
Virgin Orbit, currently going through a Chapter 11 Bankruptcy Protection, says there are 30 potential bidders to buy the business. Virgin Orbit is trading under ‘Debtor in Possession’ rules, with the operating cash provided by Sir Richard Branson’s overall holding company.
Virgin Orbit, in a formal filing, says there are 30 “indications of interest” including multiple parties that proposed to continue to operate the business as a going concern and retain current employees in an integrated enterprise. A bid deadline for final binding offers is set for later this month.
Company CEO Dan Hart said: “I’m pleased with the number and quality of the indications of interest we’ve received, which we believe reflects the innovative ideas and hard work the team has put into the development of this unique system. I look forward to continuing to work with those who have expressed interest and other parties as we approach the final bid deadline.”
This announcement follows the Company’s previous statement that it will continue a process for sale of the Company under Chapter 11 Bankruptcy protection. Virgin says no assurances can be made that the winning final binding offer in the process will propose to continue to operate the Company’s business as a going concern and retain current employees in an integrated enterprise, or that the winning binding offer will result in any return to holders of the Company’s common stock. Simultaneous to the sale process, the Virgin Orbit team is progressing with the final integration of the next rocket toward launch, currently planned for later in 2023.