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Richard Branson's Virgin Orbit space company files for bankruptcy

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Virgin Orbit filing for bankruptcy comes after the company failed to secure long-term financing following a failed launch earlier this year.

Richard Branson's satellite launch company Virgin Orbit and its U.S. subsidiaries filed a Chapter 11 bankruptcy protection plan Wednesday.

"While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business," CEO Dan Hart said in a press release. "We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the company.

 

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