According to a report by Reuters, citing sources with knowledge of the matter, Virgin Orbit intends to push back the deadline for prospective bidders to acquire its assets by several days.
According to one source, the delayed process was “about ironing out some details and giving more time to get deals done.”
Virgin Orbit sends satellites into orbit with rockets launched from a modified Boeing 747 aircraft.
The company filed for Chapter 11 bankruptcy protection last month after having trouble to secure long-term funding following a failed satellite launch earlier this year.
Virgin Orbit, established by billionaire Richard Branson, went public two years ago, while valued at nearly $3 billion.
Yet, the failed satellite launch in January left it scrambling for new financing and it had to halt operations.
Virgin Orbit, which was spun off from space tourism company Virgin Galactic in 2017, cut almost 85% of its workforce of 750.
As of September 30th 2022, the company had roughly $243 million in assets and $153.5 million in total debt.
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