Richard Branson's satellite launch company, Virgin Orbit, has closed its doors following a $36.4M asset sale to Rocket Lab USA Inc. The bankruptcy court must approve the sale, which includes tools and equipment involved in producing launcher one rockets. - The company laid off 85% of its workers in March, and in April, it applied for Chapter 11 bankruptcy protection.
- Most of the remaining workers will be let go within the upcoming week.
- Virgin Orbit intends to sell Launcher Inc., its main launch facility, and Stratolaunch its aircraft assets, including the modified Boeing 747 carrier aircraft.
- Last week, Virgin Orbit announced that it had agreed to sell its aircraft assets, including the "Cosmic Girl" carrier aircraft, to Stratolaunch for $17M.
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