Richard Branson’s space satellite launch company – Virgin Orbit – recently filed for bankruptcy after laying off almost its entire workforce.
This week, the company unloaded some bricks-and-mortar as a part of a $36 million asset sale.
Reuters is reporting that Virgin Orbit’s Long Beach, CA manufacturing facility and headquarters was sold at auction for $16 million.
The buyer was none other than Virgin Orbit competitor, Rocket Lab.
The purchase agreement reportedly includes “machinery and equipment” used in the manufacture of Virgin Orbit's flagship rockets.
Other former competitors are also swarming around Virgin Orbit’s remaining assets.
Virgin Orbit announced the bankruptcy filing after failing to secure a financial lifeline in the wake of a failed launch in January.