Virgin Orbit Holdings is to sell its assets to "four winning bidders" and will cease operations.
The announcement came after what Virgin said was a "comprehensive sale process and competitive auction" carried out under the US Bankruptcy Code.
The transactions remain subject to court approval "and certain other customary closing conditions", the company added, with a hearing to seek court approval scheduled for May 24. The transactions are "expected to close shortly thereafter", Virgin added.
“Throughout its history, Virgin Orbit has been at the forefront of innovation and has made substantial contributions to the field of commercial rocket launch with its LauncherOne air launch platform," the company announced, saying its "cutting-edge technology, unmatched expertise, and commitment to excellence have propelled it to the vanguard of an emerging commercial launch industry"
“As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years," the company said.