Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday.

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Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January.

On Wednesday, the company proposed a May 4 deadline for indications of interest for its assets, asking the court to approve bid procedures including interest deadlines, and a bid deadline of May 14, 2023, it said in the statement.

"We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the company," Dan Hart, chief executive of Virgin Orbit said in the statement.

Also read: Virgin Orbit to cease operations, lay off almost entire workforce as it fails to secure funding

The company is seeking the sale of its assets, after laying off roughly 85% of its 750 employees.

The California-based company's sixth mission in January using its centerpiece LauncherOne rocket, failed to reach orbit, sending its payload of commercial and defence-related research satellites plunging into the ocean.

Also read: Richard Branson's Virgin Orbit shares tank 23% in pre-market trading after it files for bankruptcy