Virgin Orbit Moves Closer to Winding Down With Bankruptcy Plan

Virgin Orbit Holdings Inc. has received conditional approval to solicit votes for its bankruptcy plan, bringing it one step closer to winding down operations through the court process.

US Bankruptcy Judge Karen Owens conditionally approved the company’s disclosure statement during a hearing on Thursday, which allows the firm to start soliciting votes on its bankruptcy plan. The votes will be collected over the course of a few weeks.

The plan faced a flurry of objections, including from the official creditors committee, which has argued it allots a paltry sum for the group. Regardless, the plan prevailed. “The objecting parties have ...