Virgin Orbit Holdings Inc (OTC:VORB), along with its subsidiaries in the U.S., has filed a Chapter 11 bankruptcy plan in the District of Delaware.
VORB had filed for Chapter 11 bankruptcy on April 4, 2023, a day after flagging substantial doubt about its ability to continue as a going concern for at least 12 months.
The company is also pursuing a competitive sale process to maximize value for all stakeholders.
VORB proposed a May 4, 2023, deadline for indications of interest and has asked the Court to approve bid procedures, including a bid deadline of May 14, 2023.
Also Read: Virgin Orbit's Legal Showdown: Bankruptcy Triggers Threat of Action Against Prospective Investor
"We continue to make important progress and remain focused on positioning the Company to complete our sale process to the benefit of all stakeholders. We expect the filing of the Plan and Disclosure Statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the Company," commented Dan Hart, chief executive of Virgin Orbit.
A Court hearing to consider approval of the Disclosure Statement related to the Plan is currently scheduled for May 24, 2023.
Recently, the company was notified by the Listing Qualifications Department of NASDAQ to commence proceedings to delist its common stock and warrants to purchase common stock.

Virgin Orbit Files Chapter 11 Bankruptcy Plan To Efficiently Conclude The Process