Milbank LLP represented Stratolaunch, LLC in connection with its $17 million “stalking horse” bid for select Virgin Orbit Holdings, Inc. assets, including its carrier aircraft and its related parts and equipment. The acquisition of the carrier aircraft, a Boeing 747-400 carrier aircraft, will further expand Stratolaunch’s air-launch fleet. The sale was approved by the US Bankruptcy Court for the District of Delaware on May 25, 2023, and the acquisition is expected to close by July 31, 2023.
Stratolaunch, a portfolio company of Cerberus Capital Management, L.P., is a technology accelerator that enables reusable and routine hypersonic testing through world-class aerospace vehicles and in-flight test capabilities. Upon closing of the acquisition, the additional aircraft will be repurposed as a launch platform for Stratolaunch's Talon-A reusable hypersonic testbeds and is expected to be fully operational in 2024. The expansion of Stratolaunch's fleet will increase its in-flight test capacity and ability to support government and commercial customers globally.
The Milbank team was led by Global Corporate/M&A partners Neil Q. Whoriskey and Andrew J. Fadale and Financial Restructuring partner Lauren Doyle. The team also included Global Corporate associates Frank Pensabene, Stephanie Winkler, and Ashley Kemper; Financial Restructuring special counsel Edward Linden and associate Jimmy Santos; Environmental partner Matthew Ahrens, special counsel Thomas Goslin and associate Allison Sloto; Tax partner Max Goodman and associate Michael Rivkin; IP special counsel John Garces; and Transportation and Space special counsel Nicholas Milburn.
