Virgin Orbit, the now defunct satellite launch company owned by Sir Richard Branson, announced that it has reached an agreement with Stratolaunch to sell its assets. The main item in the company’s portfolio is its aircraft, including «Cosmic Girl.» Stratolaunch was founded by the late Microsoft co-founder Paul Allen.
The total value of the deal is $17 million, to be paid in cash. The offer is what is known in the business world as a «stalking horse.» This type of contract is used as an initial or minimum offer. If other bidders are interested in the company, they will have to exceed the offering floor to purchase the asset.
Related content: Virgin Orbit declares bankruptcy following failed January mission
In a document filed with the court overseeing its liquidation process, Virgin Orbit stated that the offer does not prevent bidders interested in the company’s continuity from making offers for its assets. Additionally, the elements Stratolaunch is bidding for are available as well. The company also noted that the bankruptcy process has generated considerable interest in all its assets, not just its aircraft.
Virgin Orbit was founded by billionaire Virgin Group owner Richard Branson. In April, the company filed for Chapter 11 bankruptcy. This came after the company had difficulties securing long-term financing following a failed satellite launch in January.
The company was separated from the space tourism company Virgin Galactic (which continues to operate normally) in 2017. It aimed to send satellites into space using rockets launched from a modified Boeing 747, nicknamed «Cosmic Girl.»
