Virgin Orbit, which laid off most of its staff last week, struggled to secure funding after a failed satellite launch from the U.K. in January.
Richard Branson’s Virgin Orbit has filed for bankruptcy in the U.S. after an eleventh-hour scramble to secure further funding failed, the satellite company
on Tuesday, marking the end of a sudden spiral that followed a botched high-profile launch attempt out of Britain in January.... [+]Virgin Orbit has filed for Chapter 11 bankruptcy protection in the Bankruptcy Court for the District of Delaware,Virgin Orbit said it had failed to secure sufficient funding to stay in business and the decision comes less than a week after it laid off most of its staff andThe company said it is committed to a “swift” sale and will receive a $31.
The bankruptcy filing listed assets of around $243 million and debts of around $153 million as of September 30. Despite efforts to secure more funding and shore up the company’s financial position, chief executive Dan Hart said “we ultimately must do what is best for the business.” Hart, who thanked staff and celebrated the company’s 33 successful satellite launches, said he believes Orbit’s “cutting-edge launch technology” will appeal to buyers.
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