Balanced News: Virgin Orbit shuts down after bankruptcy sales

Virgin Orbit, a rocket company spun out of Virgin Galactic in 2017, has shut down after selling its facility leases and equipment to three aerospace companies in an auction for a total of about $36 million. Rocket Lab successfully bid $16.1 million for Virgin Orbit’s headquarters in Long Beach, California, while Stratolaunch was awarded its $17 million “stalking horse” bid for Virgin Orbit’s 747 jet and Launcher, a subsidiary of Vast Space, is purchasing the company’s facility in Mojave, California. Virgin Orbit filed for Chapter 11 bankruptcy protection on April 4 after failing to secure funding.