London Daily

Focus on the big picture.
Saturday, Jul 05, 2025

Virgin Orbit delays bid deadline in scramble to find rescuer

Virgin Orbit delays bid deadline in scramble to find rescuer

Bidders for Sir Richard Branson's commercial satellite venture have been given a revised offer deadline of May 19.
Virgin 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 (£3bn) deal, but in recent months has seen its valuation collapse.

It filed for Chapter 11 bankruptcy protection several weeks ago.

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.

"I'm pleased with the number and quality of the indications of interest we've received, which we believe reflects the innovative ideas and hard work the team has put into the development of this unique system," Dan Hart, Virgin Orbit's chief executive, said this week.

"I look forward to continuing to work with those who have expressed interest and other parties as we approach the final bid deadline."

Virgin Orbit spokesman declined to comment on the revised bid deadline.
Newsletter

Related Articles

0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
×