Virgin Orbit extends DIP milestone, closes four asset sales

By Sarah Lizee

Olympia, Wash., June 5 – Virgin Orbit Holdings, Inc. amended its $74.1 million debtor-in-possession facility to push back the deadline for a Chapter 11 plan to go effective to July 24 from July 14, according to an 8-K filed Monday with the Securities and Exchange Commission.

The company announced in another 8-K that it closed four previously announced asset sales.

On June 2, Rocket Lab USA, Inc. assumed the company’s commercial lease in Long Beach, Calif., and completed the purchase of specified assets from the debtors, including machinery and equipment located at the facility, for a total purchase price of $16.1 million.

Also on June 2, Inliper Acquisition, LLC and Liquidity Services Operations, LLC purchased machinery and equipment located at the company’s McGowen facility in Long Beach, Calif., for a total purchase price of $650,000.

Launcher, Inc. purchased on Friday machinery and equipment located at the company’s facility in Mojave, Calif., for a total purchase price of $2.7 million.

And, on June 2, Stratolaunch, LLC bought the specially modified Boeing 747 aircraft known as Cosmic Girl and some other specifically scheduled assets primarily related to the aircraft for a total purchase price of $17 million.

Each of the purchasers also assumed certain liabilities as part of the transactions.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.