8-K
filed April 4, 2023, 7:59 PM ET
CIK 0001843388
other material
confidence high
sentiment negative
materiality 0.95
Virgin Orbit Holdings, Inc.: going-concern / distress — Virgin Orbit files Chapter 11 with $31.6M DIP financing from Virgin Investments to sell business
Virgin Orbit Holdings, Inc.
- Filed voluntary Chapter 11 petition on April 4, 2023 in Delaware to effectuate a sale of the business.
- Received $31.6M new-money DIP commitment from Virgin Investments; total DIP facility up to $74.1M including roll-ups.
- Terminated trademark license with Virgin Enterprises, losing right to use 'Virgin Orbit' brand.
- COO Anthony Gingiss eliminated effective April 3, 2023 as part of workforce reduction.
- Appointed Alan Carr and Jill Frizzley as independent directors, each with $45,000 monthly cash fee.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $5.0 million with Virgin Investments Limited.
- Instrument
- convertible notes
- Principal
- $5.0 million
- Counterparty
- Virgin Investments Limited
- Event
- acceleration
Exact text from the filing
• the Senior Secured Convertible Note, dated February 28, 2023, between the Company and Virgin Investments Limited, for an aggregate principal amount of $5.0 million, plus accrued and unpaid interest thereon (the “February 2023 Note”);
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $20.0 million with Virgin Investments Limited.
- Instrument
- convertible notes
- Principal
- $20.0 million
- Counterparty
- Virgin Investments Limited
- Event
- acceleration
Exact text from the filing
• the Senior Secured Convertible Note, dated December 19, 2022, between the Company and Virgin Investments Limited, for an aggregate principal amount of $20.0 million, plus accrued and unpaid interest thereon (the “December 2022 Note”);
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $25.0 million with Virgin Investments Limited.
- Instrument
- convertible notes
- Principal
- $25.0 million
- Counterparty
- Virgin Investments Limited
- Event
- acceleration
Exact text from the filing
the filing of the Chapter 11 Cases constitutes an event of default that accelerated obligations under the following material debt instruments and agreements: • the Senior Secured Convertible Note, dated November 4, 2022, between the Company and Virgin Investments Limited, for an aggregate principal amount of $25.0 million, plus accrued and unpaid interest thereon (the “November 2022 Note”);
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $10.9 million with Virgin Investments Limited.
- Instrument
- convertible notes
- Principal
- $10.9 million
- Counterparty
- Virgin Investments Limited
- Event
- acceleration
Exact text from the filing
• the Senior Secured Convertible Note, dated March 30, 2023, between the Company and Virgin Investments Limited, for an aggregate principal amount of $10.9 million, plus accrued and unpaid interest thereon (together with the November 2022 Note, the December 2022 Note, the January 2023 Note and the February 2023 Note, the “VIL Notes”);
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $10.0 million with Virgin Investments Limited.
- Instrument
- convertible notes
- Principal
- $10.0 million
- Counterparty
- Virgin Investments Limited
- Event
- acceleration
Exact text from the filing
• the Senior Secured Convertible Note, dated January 30, 2022, between the Company and Virgin Investments Limited, for an aggregate principal amount of $10.0 million, plus accrued and unpaid interest thereon (the “January 2023 Note”);
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
Virgin Orbit Holdings, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-04-04).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the District of Delaware
- Petition
- 2023-04-04
Exact text from the filing
On April 4, 2023 (the “Petition Date”), Virgin Orbit Holdings, Inc. (the “Company”) and its domestic subsidiaries
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Alan Carr was appointed as Class I director at Virgin Orbit Holdings, Inc..
- Action
- appointed
- Role
- Class I director
Exact text from the filing
authorized and approved the appointment of each of Alan Carr and Jill Frizzley to the Board, as Class I and Class III directors, respectively, effective March 31, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jill Frizzley was appointed as Class III director at Virgin Orbit Holdings, Inc..
- Action
- appointed
- Role
- Class III director
Exact text from the filing
authorized and approved the appointment of each of Alan Carr and Jill Frizzley to the Board, as Class I and Class III directors, respectively, effective March 31, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Anthony Gingiss departed as Chief Operating Officer at Virgin Orbit Holdings, Inc..
- Action
- position eliminated
- Role
- Chief Operating Officer
Exact text from the filing
Anthony Gingiss, the Company’s Chief Operating Officer, was informed that his position was being eliminated effective April 3, 2023
View on SEC.gov
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