{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-23-010459","form_type":"8-K","ticker":null,"cik":"0001843388","company_name":"Virgin Orbit Holdings, Inc.","filed_at":"2023-04-04T23:59:59+00:00","discovered_at":"2026-05-14T18:03:41.143489+00:00","generated_at":"2026-06-17T06:37:52.208836+00:00","sec_items":["1.01","1.03","1.02","2.04","5.02","5.07","7.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.95,"calibrated_materiality_score":0.95,"confidence":"high","headline":"Virgin Orbit files Chapter 11 with $31.6M DIP financing from Virgin Investments to sell business","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-23-010459","json":"https://secwatch.observer/filing/0001628280-23-010459.json","markdown":"https://secwatch.observer/filing/0001628280-23-010459.md","text":"https://secwatch.observer/filing/0001628280-23-010459.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/vorb-20230330.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-17T06:37:52.208836+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"3d2c2a793647dbfc6a654f21a3028331d0d7b193","claim":"Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $5.0 million with Virgin Investments Limited.","evidence_excerpt":"• 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”);","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$5.0 million"},{"label":"Counterparty","value":"Virgin Investments Limited"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"576874f321991fcb0a7953f4b2d1ffd01c7a7f60","claim":"Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $20.0 million with Virgin Investments Limited.","evidence_excerpt":"• 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”);","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$20.0 million"},{"label":"Counterparty","value":"Virgin Investments Limited"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"a42dc39da6e3377591ed3062744bf07d9b2aaa77","claim":"Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $25.0 million with Virgin Investments Limited.","evidence_excerpt":"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”);","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$25.0 million"},{"label":"Counterparty","value":"Virgin Investments Limited"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"c7ba5d217b6757c7819fad7a8be930b7df405a2f","claim":"Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $10.9 million with Virgin Investments Limited.","evidence_excerpt":"• 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”);","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$10.9 million"},{"label":"Counterparty","value":"Virgin Investments Limited"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"fd16ce06c567b98b800fff7209e4abc28edce6a3","claim":"Virgin Orbit Holdings, Inc. faced acceleration on convertible notes of $10.0 million with Virgin Investments Limited.","evidence_excerpt":"• 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”);","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$10.0 million"},{"label":"Counterparty","value":"Virgin Investments Limited"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"cba348c6de510c17a63c14e0a5d6cb4805ad71df","claim":"Virgin Orbit Holdings, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-04-04).","evidence_excerpt":"On April 4, 2023 (the “Petition Date”), Virgin Orbit Holdings, Inc. (the “Company”) and its domestic subsidiaries","evidence_source":"SEC 8-K Item 1.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.9,"family_label":"Distress & Bankruptcy","details":[{"label":"Proceeding","value":"chapter 11"},{"label":"Court","value":"United States Bankruptcy Court for the District of Delaware"},{"label":"Petition","value":"2023-04-04"}],"fact_type":"distress_event"},{"claim_id":"65c83b3f97","claim":"Alan Carr was appointed as Class I director at Virgin Orbit Holdings, Inc..","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Class I director"}],"fact_type":"executive_change"},{"claim_id":"b06de3b233","claim":"Jill Frizzley was appointed as Class III director at Virgin Orbit Holdings, Inc..","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Class III director"}],"fact_type":"executive_change"},{"claim_id":"c5808265f7","claim":"Anthony Gingiss departed as Chief Operating Officer at Virgin Orbit Holdings, Inc..","evidence_excerpt":"Anthony Gingiss, the Company’s Chief Operating Officer, was informed that his position was being eliminated effective April 3, 2023","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"position eliminated"},{"label":"Role","value":"Chief Operating Officer"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}