Virgin Orbit's Demise: Key Assets Sold, Mission Failure, and Bankruptcy Sales
Virgin Orbit has agreed to sell key assets worth over $35m to three aerospace companies and will cease operations. The California-based company filed for bankruptcy in early April after failing to secure long-term financing and furloughing all but 100 staff members. Stratolaunch, Rocket Lab and Launcher are the winning bidders of a weeks-long sale process that ended in a bankruptcy auction held on Monday. Six rockets in assembly stages are still pending sale, a Virgin Orbit spokesperson told CNBC's Michael Sheetz.