Latham & Watkins Represents Virgin Orbit in Confirmed Chapter 11 Plan
Virgin Orbit Holdings, Inc. and its US subsidiaries, a responsive space launch provider, has confirmed its chapter 11 plan in the United States Bankruptcy Court for the District of Delaware. The chapter 11 plan, which was overwhelmingly supported by creditors, was the result of a global settlement with the Official Committee of Unsecured Creditors and a putative class of WARN claimants. The general unsecured creditors’ recovery includes US$1.1 million in cash and certain non-cash assets, while the WARN plaintiffs’ recovery includes a recovery of US$1.455 million.
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, Brian Rosen, Thomas Fafara, Tianjiao Li, Nikhil A. Gulati, Genevieve Y. Zimmerman, Natalia Ortiz, and Ryan Maamoun. Advice was also provided on litigation matters by Orange County partner Michele Johnson, San Diego partner Colleen Smith, and 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, Shannon Cheng, and Tiana Baghdikian; 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, with associate Ana Nunez; on insurance matters by San Diego partner Drew Gardiner; on tax matters by Chicago partner Joe Kronsnoble and Century City counsel William Kessler, with associate Derek Gumm; on employment matters by Los Angeles partner Joe Farrell, with associate Laura Zabele; and on employee compensation and benefits matters by Los Angeles partner Michell Carpenter, with associate Aaron Tso.