Virgin Orbit extends bid deadline in fight to find savior | business news
Virgin Orbit has pushed back the deadline for bailouts as the commercial satellite company founded by Sir Richard Branson struggles to avoid bankruptcy.
Sky News has learned that the company and its advisors have told potential buyers of the company that they now have until May 19 to submit final bids, several days later than the previous schedule.
Disclosure is as Sir Richards The Virgin Group and other stakeholders are awaiting the outcome of a trial following the catastrophic failure of their first mission from Cornwall Spaceport in January.
Virgo Orbit went public in the US in 2021 through a merger with a special purpose vehicle, valued at US$3.7 billion (£3bn), but has seen its valuation plummet in recent months.
The company filed for Chapter 11 bankruptcy protection a few weeks ago.
This week it said it had received 30 expressions of interest in rescuing the company, “including several parties proposing to continue the business as a going concern and to retain current employees in an integrated company.”
The names of those involved are unclear, although many observers say a rescue is unlikely without some form of government support.
“I am pleased with the number and quality of expressions of interest we have received, which we believe reflect the innovative ideas and hard work that the team has put into developing this unique system,” said Dan Hart, CEO of Virgin Orbit , said this week.
“I look forward to continuing to work with those who have expressed interest and other parties as we approach the final offer period.”
Virgin Orbit’s spokesman declined to comment on the changed offer period.