WASHINGTON, May 23 Reuters Richard Branson39;s bankrupt satellite launch firm, Virgin Orbit, on Tuesday revealed that it was closing for good after a 36.4 million asset sale, including an agreement to sell the bulk of its Long Beach, California, headquarters to smalllaunch firm Rocket Lab USA Inc. 

Rocket Lab, the seasoned smallrocket company whose headquarters is less than a mile from Virgin Orbit39;s, won the bankrupt rocket company39;s primary manufacturing site for 16 million during an auction held on Monday, according to a court filing disclosing the results of a weekslong Chapter 11 bid process.

The purchase agreement includes machinery and equipment that had been used to manufacture Virgin Orbit39;s flagship LauncherOne rockets, which airlaunched from the belly of a modified Boeing 747. It is subject to the bankruptcy court39;s approval during a hearing scheduled for Wednesday.

In a statement thanking its employees, investors and other stakeholders, Virgin Orbit said it will sell its assets to a total of four winning bidders and cease operations.

The combined total proceeds were determined by a rigorous and competitive auction which maximizes value for the estate and minimizes the remaining duration of the Companys restructuring, the statement said. Virgin Orbit39;s legacy in the space industry will forever be remembered.

Founded by billionaire Branson to send small satellites into space, Virgin Orbit laid off 85 of its some 750 employees in March and filed…