Rocket Lab, the seasoned small-rocket company whose headquarters is less than a mile from Virgin Orbit's, won the bankrupt rocket company's primary manufacturing site for $16 million during an auction held on Monday, according to a court filing disclosing the results of a weeks-long Chapter 11 bid process.
In a statement thanking its employees, investors and other stakeholders, Virgin Orbit said it will sell its assets to a total of four winning bidders and cease operations. Founded by billionaire Branson to send small satellites into space, Virgin Orbit laid off 85% of its some 750 employees in March andin early April after the company struggled to secure long-term funding following a failed launch from Britain in January.
Virgin Orbit also plans to sell its aircraft assets, including the modified Boeing 747 "Cosmic Girl" carrier aircraft, to hypersonics firm Stratolaunch for $17 million, the filing said. Stratolaunch had been a designatedVirgin Orbit's primary launch site in California's Mojave Desert will be sold to rocket engine and spacecraft startup Launcher Inc.