Virgin Orbit to sell its manufacturing facility to Rocket Lab (updated)

Virgin Orbit Holdings

23/05/2023 19:36

(Adds timing details in paragraph 2, background in paragraph 3)
       WASHINGTON, May 23 (Reuters) - Richard Branson's
bankrupt satellite launch firm Virgin Orbit said in a Tuesday
court filing it plans to sell the bulk of its Long Beach,
California, headquarters, to small-launch firm Rocket Lab for
$16 million.
    Rocket Lab, whose own headquarters neighbor Virgin Orbit's
in Long Beach, was the winning bidder for the bankrupt rocket
company's primary manufacturing site during an auction held
Tuesday. The purchase agreement, which includes machinery and
equipment, is subject to court approval, expected during a
hearing on Wednesday.
        Virgin Orbit, founded by billionaire Branson to send
small satellites into space, filed for Chapter 11 bankruptcy
protection in April after the company struggled to secure
long-term funding following a failed launch from Britain in
January.
  

 (Reporting by Joey Roulette
Editing by Chris Reese and Leslie Adler)
 ((Joey.Roulette@thomsonreuters.com; 7034696632;))