Virgin Orbit, billionaire Richard Branson’s small satellite launcher, has filed for bankruptcy. The agency reported Reuters Based on the company’s statement.
According to the company’s CEO, Dan Hart, the decision to file for bankruptcy enabled the sale to be completed at maximum value.
The statement said Virgin Orbit had $243 million in assets and $153.5 million in debt as of September 30, 2022.
According to CNBC, the company was unable to raise funds, so it had to shut down. Virgin Orbit at the end of March lay off about 675 employees – or about 85% of staff.
Virgin Orbit used its own LauncherOne rocket launch system with a converted Boeing 747 aircraft. Six launches have been made since 2020, four of which were successful.
However, the first ever lunch Space satellites from the UK, launched by Virgin Orbit in January this year, failed.