The sale of Virgin Orbit’s Long Beach headquarters is part of the company’s plan to restructure its debt and emerge from bankruptcy. The company said it will use the proceeds from the sale to pay off creditors and fund its operations. Rocket Lab, which has launched more than 100 satellites since its founding in 2006, said it plans to use the facility to expand its own operations.
The sale of Virgin Orbit’s Long Beach headquarters is a sign of the changing landscape in the satellite launch industry. With the emergence of new players such as Rocket Lab, the industry is becoming increasingly competitive, and companies are looking for ways to stay ahead of the competition. The sale of Virgin Orbit’s headquarters is a sign that the company is looking to streamline its operations and focus on its core business.