Virgin Orbit, a space travel and launch company, has auctioned off assets for USD 36 million to RocketLab, Vast, and Stratolaunch as a part of its Chapter 11 bankruptcy proceedings. The purchases by the respective companies are subject to the approval of the US Bankruptcy Court for the District of Delaware.

RocketLab successfully bid USD 16.1 million for Virgin Orbit’s Long Beach manufacturing facility spanning over 144,000 sq ft, including production assets, machinery, and equipment. RocketLab expects to bolster the production of its Neutron launch vehicle with this acquisition.

Vast, along with Launcher made a successful bid of USD 2.7 million for Virgin’s Mojave-based facilities, and following a “stalking horse” bid of USD 17 million by Stratolaunch, it will acquire Virgin’s modified Boeing 747 aircraft “Cosmic Girl.”

Analyst QuickTake: In March 2023, Virgin Orbit halted operations temporarily to secure a funding lifeline which it failed to do, leading to the ceasing of operations along with laying off nearly 85% of the workforce. At the date of the bankruptcy filing, the Richard Branson-backed company had raised USD 469.5 million from equity and debt.