Apr 5, 2023

Billionaire Richard Branson’s Virgin Orbit Files For Bankruptcy After Failed Satellite Launch

Posted by in categories: business, satellites

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 announced 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, documents show.

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 and ceased operations.

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.

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