Virgin Obit: Launch company files for bankruptcy in US Space launch outfit Virgin Orbit has filed for bankruptcy in the US just days after suspending operations and laying off most of its staff. The company said it intends to continue trying to sell the business while under Chapter 11 protection. This morning the biz confirmed that Virgin Orbit Holdings and its US subsidiaries …
"NTL as it was at the tine"
And for completeness, NTL:Telewest, as it was at the time, because prior to the VM branding, the smaller Telewest "bought" NTL in a weird kind of reverse takeover due to contractual agreements between Telewest and the UKTV channels which would have been null and void if NTL had instead bought Telewest and allowed UKTV to renegotiate a much more favourable contract with the no much larger entity.
One scone jam first, one cream first. If you're still hungry involve butter for 6 more permutations to try.
I am intrigued by the cornish idea that the jam will slide the cream off which shows they've not testes the idea since jam became conserve and wont even stick to a knife let alone slide clotted cream off. My next door neighbour makes clotted cream for their neighbours at xmas and despite my lactose intolerance its so good I can cope with some cramps and near terminal flatulence to consume it. However straight from the fridge there is no jam that will shift it, indeed a nice scone is under threat from it if you try a large lump without some softening of the cream first.
I expect a lot of rocket companies to fail before getting to orbit, sure to the costs and difficulties involved in developing an orbital rocket. But to have a company that has got past those hurdles, developed a working rocket, and launched multiple successful missions, it just seems a shame to fail at this point. You can argue about whether the niche advantages of air-launch would have given them enough of an edge long term to survive in a crowded market, but it seems like the recent failed launch may just have cost them the chance to find out.
Doesn't have to be a sale. The important bit is that the company can still operate but is protected from their creditors: every contractor and supplier that delivered but has not been paid will not get paid until VO 'returns to profitability'. VO could barely sell one launch a year at a price lower than the cost of building and launching a rocket. Add in aircraft maintenance costs and those creditors will be kept waiting until after the sun becomes a red giant.
Under US law, Chapter 11 bankruptcy is essentially "continue operating but with oversight by a court and agreement from creditors." Debts remain but in abeyance, and the goal is to come out the far side restructured, or in this case, sold as a continuing, viable business. Anyone purchasing the business would also acquire the debt obligations.
Chapter 7 is "sell it, sell every item (e.g., IP, physical equipment, etc., brands, logos...) that'll fetch a price and divvy up the proceeds." IOW, liquidation. Creditors are paid off based on various arcane rules, and many smaller creditors might get nothing. At the end of the process, nothing remains, although it's possible that the 'brand' might've been acquired by some entity, along with the kitchen sink, and pop up somewhere. All debts get paid off in part or in full or simply dropped.
There is a difference in law. Whether, given the lack of employees, there is a difference in reality in this case is up to you to decide. But at least for now it differs for the creditors.
The beardy one has a preferential position if the company folds due to loan agreements made in the last few months, which means he owns the 747 and any related parts and spares. It's unlikely he's just sign those rights away to anyone which means very few creditors are going to be interested in throwing more money down the hole with no assets to back it up. Virgin Orbit is doomed.
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