Brief: Virgin Orbit To Continue Sale Process Under Chapter 11 Protection

Virgin Orbit Holdings

04/04/2023 06:55

April 4 (Reuters) - Virgin Orbit Holdings Inc  VORB.O :
    * VIRGIN ORBIT TO CONTINUE SALE PROCESS UNDER CHAPTER 11
PROTECTION
    * SECURES $31.6 MILLION IN DEBTOR IN POSSESSION FINANCING TO
FUND
PROCESS
    * VIRGIN ORBIT TO CONTINUE SALE PROCESS UNDER CHAPTER 11
PROTECTION
    * COMPANY HAS RECEIVED A COMMITMENT FROM VIRGIN INVESTMENTS
LIMITED FOR $31.6 MILLION IN NEW MONEY DIP FINANCING
    * DIP FINANCING IS EXPECTED TO PROVIDE VIRGIN ORBIT WITH
NECESSARY
LIQUIDITY TO CONTINUE OPERATING
    * VIRGIN ORBIT INTENDS TO USE CHAPTER 11 PROCESS TO MAXIMIZE
VALUE
FOR ITS BUSINESS AND ASSETS
    * VIRGIN ORBIT WILL CONTINUE OPERATING IN ORDINARY COURSE AS
A
"DEBTOR-IN-POSSESSION" UNDER JURISDICTION OF BANKRUPTCY COUR
    * IN INTERIM, VIRGIN ORBIT WILL CONTINUE OPERATING IN
ORDINARY
COURSE AS A "DEBTOR-IN-POSSESSION" UNDER JURISDICTION

Source text for Eikon:  ID:nBwKJJ4Ga 
Further company coverage:  VORB.O 

 ((Reuters.Briefs@thomsonreuters.com;))