Virgin Orbit Holdings, Inc. and its US subsidiaries (the Company or Virgin Orbit), a responsive space launch provider, announced that it has commenced a voluntary proceeding under chapter 11 of the US Bankruptcy Code (chapter 11) in the United States Bankruptcy Court in the District of Delaware in order to effectuate a sale of the business. With the support of Virgin Investments Limited in the form of debtor-in-possession (DIP) financing, Virgin Orbit intends to use the chapter 11 process to maximize value for its business and assets. To help fund the process and protect its operations, the Company has received a commitment from Virgin Investments Limited for US$31.6 million in new money DIP financing. Upon approval from the Bankruptcy Court, the DIP financing is expected to provide Virgin Orbit with the necessary liquidity to continue operating as it furthers the marketing process commenced pre-petition to sell the Company and seek a value-maximizing transaction for the business and its assets. Latham & Watkins LLP is advising Virgin Orbit as restructuring counsel with a Restructuring & Special Situations team led by Los Angeles partner Jeff Bjork and New York partners George Klidonas and Anupama Yerramalli, with associates Liza Burton, Mohini Rarrick, Brian Rosen, and Thomas Fafara. Advice was also provided on litigation matters by Los Angeles partner Amy Quartarolo, with associate Tiffany Ikeda; on public company representation matters by New York partner Ellen Smiley, with associate Eliza Murray; on M&A matters by New York partner Justin Hamill and Chicago partner Jason Morelli, with associates Nima Movahedi and Shannon Cheng; on capital markets matters by Orange County partner Drew Capurro, with associate Greg Van Buiten; on finance matters by New York partners Alfred Xue and Conray Tseng and New York counsel Preeta Paragash; on insurance matters by San Diego partner Drew Gardiner; on tax matters by Chicago partner Joe Kronsnoble, with associate Derek Gumm; and on employment matters by Los Angeles partner Joe Farrell, with associate Laura Zabele.~~