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.The California-based company's sixth mission in January using its centerpiece LauncherOne rocket, failed to reach orbit, sending its payload of commercial and defence-related research satellites plunging into the ocean.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Virgin Orbit blames 'dislodged filter' for January launch failureVirgin Orbit Holdings Inc on Wednesday blamed a dislodged filter for its failed rocket launch in January and said it was planning a flight later this year as the issue has been fixed.
Read more »
Despite bankruptcy, Virgin Orbit CEO says company will launch againVirgin Orbit is moving toward another launch attempt in the months ahead as it courts suitors to rescue it from bankruptcy after it was forced to lay off 85 percent of its staff, Dan Hart, the company’s CEO said in an interview Wednesday.
Read more »
David's Bridal CEO talks exclusively with Action News after company files for Chapter 11Action News consumer reporter Nydia Han did ask David's Bridal CEO some hard questions, namely how can customers have confidence in a company that is filing for bankruptcy for the second time in five years?
Read more »
Spacewalks and Cargo Ships: Space Station Crew Gears Up for a Busy Week in OrbitCosmonauts Sergey Prokopyev and Dmitri Petelin prepare for a series of spacewalks to relocate a radiator at the International Space Station, while NASA astronauts clean up after the departure of a cargo craft, and resize spacesuits for future power upgrade missions. Spacewalk preparations are und
Read more »
CAPSTONE Cider celebrates success of trailblazing satellite in lunar orbit'We are so thrilled to collaborate with Stem Ciders to celebrate the first commercial CubeSat to operate at the moon.'
Read more »
Second Batch of SpaceX's Next-Gen 'Mini' Starlink Satellites Reach OrbitThe first group of the V2 Minis experienced some issues after reaching orbit, with one of them falling back to Earth earlier this month.
Read more »