Rocket Lab, a small rocket company with a headquarters less than a half-mile from Virgin Orbit, has won the primary manufacturing site of the bankrupt rocket firm for $16M during an auction that was held on Monday. This is according to a filing in court revealing the results of the weeks-long Chapter 11 bidding process.
The purchase agreement includes equipment and machinery that were used to manufacture Virgin Orbit’s flagship LauncherOne missiles, which were air-launched out of the belly of a modified Boeing. The bankruptcy court must approve the agreement during an upcoming hearing on Wednesday.
The statement stated that "the combined total proceeds were determined through a rigorous and highly competitive auction, which maximized value for the Estate and minimized the remaining duration of Company's restructuring. Virgin Orbit will be remembered for its legacy in the space sector."
Virgin Orbit, founded by billionaire Branson in order to launch small satellites into orbit, laid off 85% of its employees in March. The company filed for Chapter 11 bankruptcy in early April because it struggled to secure funding on a long-term basis following a failed British launch in January.
Virgin Orbit plans to sell its aircraft assets to Stratolaunch, including the modified Boeing 737 "Cosmic Girl", for $17 million. Stratolaunch was the designated stalking horse for these assets in May.
Virgin Orbit will sell its primary launch site, located in California's Mojave desert, to rocket engine and spacecraft startup Launcher Inc.
The Colombian Gilinski Group has signed a Memorandum of Understanding to sell its stake in Grupo Sura, the country's biggest investment firm. It will also take a controlling interest in Nutresa, a food producer.
The chief executive of Japan's Cosmo Holdings said that the group's plans could conflict with those of the general shareholders.
Biocon Biologics, a company in India, closed the fiscal year ending March with revenues on a path toward $1 billion. This was due to strong sales of biosimilars, which it acquired last year from Viatris Inc., in the U. S.
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