New Delhi: Virgin Orbit, the bankrupt rocket company founded by British billionaire Sir Richard Branson, has ceased operations after selling its business to three aerospace companies for about $36 million in a bankruptcy auction.
Rocket Lab bid $16.1 million for the company’s headquarters in Long Beach, California. Stratolaunch was awarded the $17 million “stocking horse” bid for Virgin Orbit’s 747 jet. Launcher, a subsidiary of Giant Space, bought the company’s facility in Mojave, California for $2.7 million, reports CNBC.
“As Virgin Orbit continues on this path, management and employees would like to express our heartfelt gratitude to all stakeholders,” the company said in a statement. In April, Virgin Orbit laid off around 85 per cent of its workforce – around 675 employees – after it failed to secure major funding.
Rocket Lab said the Virgin Orbit assets will improve its production, manufacturing and testing capabilities, particularly in developing its large Neutron rocket. Six of Virgin Orbit’s rockets and its intellectual property in various stages of manufacturing assembly are yet to be sold.
Founded by Sir Branson in 2017, the company plans to launch commercial service in 2021, and has delivered commercial, civilian, national security and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are launched into the air from a modified 747-400 carrier aircraft that allows Virgin Orbit Holdings, Inc. to operate from locations around the world .