Virgin Orbit, the American company that launched small satellites founded by British billionaire Richard Branson, went bankrupt a few months after filing for bankruptcy. In this respect knowledgeable bbc.
The company sold its assets for $36 million, or just 1% of its original cost, according to NASDAQ. Virgin Orbit’s rocket manufacturing facility and equipment was purchased by rival startup Rocket Lab for $16.1 million.
Virgin Orbit’s problems began after it failed to launch the first satellite from the UK in January 2023. Management immediately laid off 85% of the employees due to the cut off funding.
Virgin Orbit had previously used its own LauncherOne rocket launch system using a converted Boeing 747 aircraft. Six launches have been made since 2020, four of which were successful.
The company filed for bankruptcy in April. UK officials decided save it
Virgin Orbit was part of British billionaire Richard Branson’s business empire. He founded his first company at the age of 16, turned it into a multi-million dollar business, wrote a book and even flew into space. Richard Branson is chairman of Virgin Group, a philanthropist and knighted for private entrepreneurial merit. His fortune is estimated at $4.8 billion.