Advanced Television

Virgin Orbit

Terran hires Virgin Orbit’s Gingiss

Terran Orbital has hired Tony Gingiss as its COO. Gingiss has a 30-year history of work within the aerospace industry including more than two decades with Boeing Satellite. Other positions include CEO at Airbus OneWeb Satellites and finally as COO at Virgin Orbit. Gingiss was CEO at Airbus OneWeb Satellites (AOS), the joint-venture between Airbus […]

June 16, 2023By Chris Forrester

Bank: Rocket Lab value boosted by Virgin Orbit assets

California-based Rocket Lab made headlines a week ago when it bought some key assets from bankrupt Virgin Orbit. Rocket Lab has been awarded Virgin’s 144,000-square-foot Long Beach, California–based manufacturing facility for $16.1 million. That news, plus a fresh launch contract, has given the business a significant lift in its implied value. Analysts from investment bank […]

June 1, 2023

Virgin Orbit shuts down

Virgin Orbit’s asset sale has seen its key elements go to many disparate groups. The Sir Richard Branson-backed business has not survived as a going concern. The rocket-launching company has now completely shut down. Virgin Orbit’s asset sale, organised under the supervision of its bankruptcy court, raised just $36 million (€33.3m) which means that the […]

May 24, 2023By Chris Forrester

Virgin Orbit sets ‘stalking horse’ asset sale

Virgin Orbit, operating in Chapter 11 bankruptcy protection, has entered into a ‘stalking horse’ agreement with Stratolaunch. A Stalking Horse agreement is a starting point for a bid and which other interested parties must exceed if they want to make an offer for the assets of a company. Virgin Orbit, in a filing to its […]

May 18, 2023By Chris Forrester

Virgin Orbit seeks bankruptcy bid extension

Virgin Orbit, in Chapter 11 bankruptcy protection, has asked its bankruptcy court to delay the deadline for prospective bidders to make their intentions known. Virgin Orbit says that more time was needed to iron out some details and to give more time to get a deal done. Virgin Orbit had originally set May 14th for […]

May 15, 2023By Chris Forrester

Virgin Orbit: 30 potential buyers

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 […]

May 9, 2023By Chris Forrester

Virgin Galactic flies again

Sir Richard Branson’s Virgin Galactic space tourism aircraft – not to be confused with Virgin Orbit which is in Chapter 11 bankruptcy – is flying again. Virgin Galactic’s SpaceShipTwo made its first flight in almost two years on April 26th. It last flew with Branson aboard in July 2021. The aircraft combination comprising its SpaceShipTwo’s […]

April 28, 2023By Chris Forrester

Virgin Orbit wraps launcher failure investigation

Virgin Orbit says it has completed its investigation into the problems of its failed January 9th launch from Spaceport Cornwall. The company said it return to flight later this year. Virgin Orbit is currently progressing through a Chapter 11 bankruptcy restructuring. Virgin Orbit says the rocket’s failure was caused by a fuel filter that had […]

April 24, 2023By Chris Forrester

Virgin Orbit sets deadline for bids

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, […]

April 21, 2023By Chris Forrester

Virgin Orbit CEO: “We made mistakes”

Virgin Orbit is already flying again despite its Chapter 11 bankruptcy. At least one test flight has taken place since the bankruptcy was put in place. However, Virgin Orbit’s CEO Dan Hart has admitted that he and the business had made mistakes. Hart said that some key financial and operational “missteps” meant the company had […]

April 20, 2023By Chris Forrester