Virgin Orbit pushes back sale timeline; auction now set for May 22

By Sarah Lizee

Olympia, Wash., May 15 – Virgin Orbit Holdings, Inc. has pushed back the timeline for the sale of its assets, according to a notice filed Friday with the U.S. Bankruptcy Court in the District of Delaware.

According to the amended schedule, the bid deadline was moved to noon ET on May 19 from 10 a.m. ET on May 15, and the auction was moved to May 22 from May 18.

The sale hearing is still scheduled for May 24.

Early last week, the company issued a press release saying it had received more than 30 indications of interest for the assets.

Several interested parties have proposed continuing to operate the business as a going concern and retain current employees in an integrated enterprise.

Long Beach, Calif.-based Virgin Orbit operates space launch systems. The company filed bankruptcy on April 4 under Chapter 11 case number 23-10405.

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