--- 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" generated_at: "2026-06-17T06:37:52.208836+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.95 calibrated_materiality_score: 0.95 confidence: "high" source: SEC EDGAR --- # Virgin Orbit files Chapter 11 with $31.6M DIP financing from Virgin Investments to sell business ## Summary - 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. ## SEC filing metadata - accession: 0001628280-23-010459 - form_type: 8-K - cik: 0001843388 - company_name: Virgin Orbit Holdings, Inc. - filed_at: 2023-04-04T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.95 - calibrated_materiality_score: 0.95 - confidence: high - sec_items: 1.01, 1.03, 1.02, 2.04, 5.02, 5.07, 7.01, 9.01 - 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 ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001628280-23-010459 - JSON: https://secwatch.observer/filing/0001628280-23-010459.json - Plain text: https://secwatch.observer/filing/0001628280-23-010459.txt ## Key facts - Debt Financings 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 source text: • 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_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm - Debt Financings 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 source text: • 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_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm - Debt Financings 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 source text: 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_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm - Debt Financings 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 source text: • 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_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm - Debt Financings 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 source text: • 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_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm - Distress & Bankruptcy 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 source text: On April 4, 2023 (the “Petition Date”), Virgin Orbit Holdings, Inc. (the “Company”) and its domestic subsidiaries evidence_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm - Executive change Alan Carr was appointed as Class I director at Virgin Orbit Holdings, Inc.. - Action: appointed - Role: Class I director source text: 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_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm - Executive change Jill Frizzley was appointed as Class III director at Virgin Orbit Holdings, Inc.. - Action: appointed - Role: Class III director source text: 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_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm - Executive change Anthony Gingiss departed as Chief Operating Officer at Virgin Orbit Holdings, Inc.. - Action: position eliminated - Role: Chief Operating Officer source text: Anthony Gingiss, the Company’s Chief Operating Officer, was informed that his position was being eliminated effective April 3, 2023 evidence_url: https://www.sec.gov/Archives/edgar/data/1843388/000162828023010459/0001628280-23-010459-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.