A repurposed Virgin Atlantic Boeing 747 aircraft carrying Virgin Orbit's LauncherOne rocket, parked at Spaceport Cornwall at Cornwall Airport, Newquay.Virgin Orbit Holdings filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut 85% of its staff.
The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware. The move punctuates the rapid fall of the company, after a high-profile launch failure in January and collapse in its stock price. Virgin Orbit temporarily halted operations in March while it sought additional capital, and later laid off 675 employees.
The firm — part of Branson’s empire that includes airline Virgin Atlantic and spaceflight company Virgin Galactic Holdings — hasn’t turned a profit as a public company.
Nobody can travel to space, God firmament cannot be passed through.
Quell surprise 🙄
That means poor old Bill Cullen won’t get his flight now and won’t get back the money on his €250k ticket.
It was always going to end like that. Their concept was lame.