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WASHINGTON, May 23 (Reuters) – Richard Branson’s bankrupt satellite launch firm, Virgin Orbit, on Tuesday revealed that it was closing for good after a $36.4 million asset sale, including an agreement to sell the bulk of its Long Beach, California, headquarters to small-launch firm Rocket Lab USA Inc. (RKLB.O)
Rocket Lab, the seasoned small-rocket company whose headquarters is less than a mile from Virgin Orbit’s, won the bankrupt rocket company’s primary manufacturing site for $16 million during an auction held on Monday, according to a court filing disclosing the results of a weeks-long Chapter 11 bid process.
The purchase agreement includes machinery and equipment that had been used to manufacture Virgin Orbit’s flagship LauncherOne…
Read the full article at: https://www.reuters.com/markets/deals/virgin-orbit-sell-its-manufacturing-facility-rocket-lab-2023-05-23/