Virgin Orbit Holdings, Inc.: going-concern / distress — Virgin Orbit Chapter 11 Plan confirmed; all common stock cancelled, officers resign

Virgin Orbit Holdings, Inc.

Court confirmed Fifth Amended Chapter 11 Plan on July 31, 2023; effective August 2, 2023.
All outstanding shares of common stock canceled and extinguished as of the Effective Date.
All directors and officers deemed resigned concurrent with Plan effectiveness.
Common stock trades OTC Pink under symbol VORBQ; warrants under VORWQ after Nasdaq delisting.
Plan covers Virgin Orbit Holdings and its domestic debtor affiliates.

Key facts

Extracted from this filing and checked against the source text.

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, Virgin Orbit Holdings, Inc. (the “Company”) and its domestic subsidiaries (together with the Company, the “Debtors”) commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Court”).

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Source: SEC EDGAR

accession 0001628280-23-026782

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