: Virgin Orbit starts to wind down operations, sell assets


Bankrupt satellite-launch company Virgin Orbit Holdings Inc. VORWQ, +28.79% is winding down operations after a “comprehensive sale process and competitive auction” under bankruptcy rules. The company said late Tuesday will sell its assets to four winning bidders and will cease operations. Virgin Orbit’s “groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry,” it said in the statement. The deals are subject to approval by courts and other closing conditions, with a hearing set for Wednesday, the company said. Earlier Tuesday, CNBC reported that Rocket Lab USA Inc. RKLB, -8.69% was one of the companies going for some of Virgin Orbit’s assets.

This article was originally published by Marketwatch.com. Read the original article here.

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