Virgin Orbit enters "stalking horse" bid to sell aircraft assets for $17 mln

Virgin Orbit Holdings

17/05/2023 05:18

May 16 (Reuters) - Bankrupt satellite launch company
Virgin Orbit said on Tuesday it has entered into a "stalking
horse" agreement with Stratolaunch to sell mainly its aircraft
assets, including the "Cosmic Girl" carrier aircraft, for $17
million in cash.
    A stalking horse bid is used as a starting bid or minimally
accepted offer that other interested bidders must surpass if
they want to buy the company.
    In a court filing, Virgin Orbit said the bid does not
prevent going concern bidders from making bids for all its
assets, including the ones which Stratolaunch is bidding for.

 (Reporting by Shubham Kalia in Bengaluru; Editing by Kim
Coghill)
 ((Shubham.Kalia@thomsonreuters.com;))