Virgin Orbit Files for Bankruptcy Written 4 April 2023


In this July 11, 2012, photo, British billionaire Richard Branson holds a model of LauncherOne. | Associated Press–©

Reuters reports that Virgin Orbit “filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure.” The company is seeking a sale of its assets after laying off almost 90% of its employees last week, with the assets having a listed value of $243 million and debt of $153.5 million as of September 30. The company suffered a rocket failure earlier this year and then failed to find necessary funding, which caused the layoffs last month.
Full Story (Reuters)