Richard Branson's bankrupt satellite launch firm Virgin Orbit said in a Tuesday court filing it plans to sell the bulk of its Long Beach, California, headquarters, to small-launch firm Rocket Lab for $16 million.
Rocket Lab, whose own headquarters neighbor Virgin Orbit's in Long Beach, was the winning bidder for the bankrupt rocket company's primary manufacturing site during an auction held Tuesday. The purchase agreement, which includes machinery and equipment, is subject to court approval, expected during a hearing on Wednesday.
Virgin Orbit, founded by billionaire Branson to send small satellites into space, filed for Chapter 11 bankruptcy protection in April after the company struggled to secure long-term funding following a failed launch from Britain in January.
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