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Virgin Orbit Holdings amends DIP facility to extend milestones
By Sarah Lizee
Olympia, Wash., May 19 – Virgin Orbit Holdings, Inc. amended its $74.1 million debtor-in-possession facility to extend some of its case milestones, according to an 8-K filed with the Securities and Exchange Commission.
The deadline for parties to submit bids for the company’s assets was moved to May 19 from May 15, and the deadline for a plan to go effective was moved to July 14 from July 8.
As previously reported, the financing is from parent company Virgin Investments Ltd.
The facility consists of a $31.6 million new money super-priority senior secured term loan and a $42.5 million rollup of prepetition convertible notes.
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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