The latest on Virgin Orbit's bankruptcy process

The company received a "stalking horse" bid from Stratolaunch to buy its modified 747 jet Cosmic Girl and other aircraft assets for $17 million.

The company is also continuing to discuss other potential offers, including a wholesale deal. An auction is set for Monday.

Notably, Stratolaunch-owner Cerberus Capital Management was one of the closest to making a deal with Virgin Orbit to avoid bankruptcy, per a CNBC source, but ultimately balked.