Branson’s Virgin Orbit Files Chapter 11 Bankruptcy Plan
Richard Branson’s Virgin Orbit Holdings Inc. and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday.
Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January.
On Wednesday, the company proposed a May 4 deadline for indications of interest for its assets, asking the court to approve bid procedures including interest deadlines, and a bid deadline of May 14, 2023, it said in the statement.
“We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the company,” Dan Hart, chief executive of Virgin Orbit said in the statement….