We are advising Virgin Investments in connection with the restructuring and as DIP lender

Davis Polk is advising Virgin Investments Limited in connection with the restructuring of Virgin Orbit Holdings, Inc. Virgin Investments holds the majority of Virgin Orbit’s equity and owns over $70 million of Virgin Orbit notes.

On April 4, 2023, Virgin Orbit and certain of its subsidiaries filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. In Virgin Orbit’s bankruptcy cases, Virgin Investments is providing debtor-in-possession financing in the form of $74.1 million of term loans, including the roll-up of certain prepetition notes. On April 5, 2023, Virgin Orbit obtained all of the “first day” relief it sought before the bankruptcy court, including interim approval of the DIP financing and an interim roll-up of emergency prepetition bridge financing.

Headquartered in Long Beach, California, Virgin Orbit provides launch services for small satellites and has executed four successful launches, delivering approximately 33 satellites into orbit. Virgin Orbit provides these services to commercial and civil customers, national security and defense customers, and various international partners. In 2021, Virgin Orbit went public through a merger with a special purpose acquisition company, NextGen Acquisition Corporation II. That de-SPAC transaction raised approximately $228 million in net proceeds.

Virgin Investments is a member of the Virgin Group, which engages in investment management and brand licensing across multiple asset classes and geographies. The Virgin branded businesses span multiple sectors, including Travel & Leisure, Health & Wellness, Music & Entertainment, Telecoms & Media, Financial Services and Space, with specific focus on clean energy projects with high growth potential, while its venture capital portfolio includes various well-known businesses across development stages.

The Davis Polk restructuring team includes partner Brian M. Resnick, counsel Josh Sturm and associates Jarret Erickson and Ethan Stern. The finance team includes partner Monica Holland and associates Bernard Tsepelman and Jaynie Doe. Partner Lee Hochbaum is providing corporate advice. The intellectual property team includes partner Frank J. Azzopardi and associate Francesca Masella. Partner William A. Curran is providing tax advice. Partners Adam Kaminsky and Jennifer S. Conway are providing executive compensation and employee benefits advice. Members of the Davis Polk team are based in the New York and Washington DC offices.