Author: Naomi Cooper|| Date Published: May 24, 2023
Rocket Lab USA (Nasdaq: RKLB) is in the final stages of completing a purchase agreement for Virgin Orbit’s manufacturing site and production assets in Long Beach, California, after winning the bid through an auction.
The $16.1 million deal includes Virgin Orbit’s 144,000-square-foot facility, machinery, equipment and other assets located in the city, Rocket Lab said Tuesday.
Virgin Orbit filed for bankruptcy in early April and submitted a plan and disclosure statement to the court to effectuate a competitive sale process for its assets.
The sale, subject to the U.S. Bankruptcy Court’s approval at a final sale hearing scheduled for Wednesday, does not cover the seller’s 747 aircraft and rocket launch vehicles.
Once the deal is finalized, Rocket Lab plans to integrate the assets into the company’s existing production and test capabilities to support the development of its Neutron launch vehicle.
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