Bidders for Sir Richard Branson's commercial satellite venture have been given a revised offer deadline of May 19, Sky News understands.
A person wearing an alien costume poses for a photographer during a spectator event for Virgin Orbit's LauncherOne first UK launch from Spaceport Cornwall at Cornwall Airport Newquay in Newquay, Britain, January 9, 2023. REUTERS/Henry NichollsVirgin Orbit has pushed back the deadline for rescue bids as the commercial satellite venture founded by Sir Richard Branson scrambles to avert bankruptcy.
Sky News has learnt that the company and its advisers have told would-be buyers of the company that they must now submit final offers by May 19, several days later than the previous timetable. The disclosure comes as Sir Richard's Virgin Group and other stakeholders await the outcome of a process which follows the calamitous failure of its inaugural mission from Cornwall's SpacePort in January.
Virgin Orbit went public in the US in 2021 through a merger with a special purpose acquisition company which valued it at $3.7bn deal, but in recent months has seen its valuation collapse.This week, it said it had received 30 expressions of interest in salvaging the company,"including multiple parties that proposed to continue to operate the business as a going concern and retain current employees in an integrated enterprise".
The names of the interested parties is unclear, although many observers believe a rescue is unlikely without some form of government support.
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