This content was published on Apr 4, 2023 – 09:35
Virgin Orbit, which specializes in launching satellites, British billionaire Richard Branson has declared bankruptcy.
In the US operation with protection from creditors’ claims, the sale of the company will be promoted, Virgin Orbit announced on Tuesday. A failed satellite launch earlier this year sent business into a tailspin.
The company spun off from Branson’s other aerospace company, Virgin Galactic, which, among other things, wants to offer space tourism. Virgin Orbit had already cut staff significantly last week after it was unable to come up with new funds.
With 675 employees, about 85 percent of the workforce should lose their jobs. She said on Tuesday that Chapter 11 bankruptcy protection is now seen as the best way to sell. Company president Dan Hart noted that 33 satellites have been successfully put into orbit.
Virgin Orbit was instrumental in trying to launch the first satellite from UK soil earlier this year. An aircraft initially flew the launch vehicle to a high altitude before launching it. But the mission failed. In mid-March, Virgin Orbit announced that it would be pausing operations for the time being.
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