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upstart writes:

Virgin Orbit to cease operations, sell assets of Richard Branson's satellite launcher:

Richard Branson's Virgin Orbit is shutting down less than two months after the satellite launch start-up filed for Chapter 11 bankruptcy protection, according to a Tuesday company announcement.

Virgin Orbit will cease operations and sell its assets to four winning bidders, the company announced Tuesday. Those bidders include three aerospace companies—Rocket Lab, Stratolaunch and Vast Space subsidiary Launcher—with combined bids totaling almost $36 million, according to court documents.

A sale hearing for court approval is scheduled for Wednesday afternoon and transactions are expected to close soon after, the company said.

"Virgin Orbit's legacy in the space industry will forever be remembered," Virgin Orbit said in a Tuesday statement. "Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry."

[...] Virgin Orbit was founded in 2017 by Branson, a British billionaire, in hopes of targeting the market for launching small satellites into space. Its LauncherOne rockets were launched from the air from modified Virgin passenger planes, allowing the company to operate more flexibly than using fixed launch sites.

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