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Richard Branson’s satellite launch company Virgin Orbit files for bankruptcy

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Richard Branson's satellite launch company Virgin Orbit has filed for Chapter 11 bankruptcy in the US after failing to secure rescue funding.

RICHARD BRANSON’S SATELLITE launch company Virgin Orbit has filed for Chapter 11 bankruptcy in the US after failing to secure rescue funding.

Today, the business lodged a filing with the US Bankruptcy Court for the District of Delaware as it seeks a sale of the remaining business. Virgin Orbit, which is based in California and is 75%-owned by Virgin Group, also suspended all operations in March amid pressure on its finances.Branson’s Virgin Investments business has injected around $43 million into Virgin Orbit in recent weeks to fund the process, support recent operations and finance severance packages.

Virgin Orbit chief executive Dan Hart said: “The team at Virgin Orbit has developed and brought into operation a new and innovative method of launching satellites into orbit, introducing new technology and managing great challenges and great risks along the way as we proved the system and performed several successful space flights, including successfully launching 33 satellites into their precise orbit.

 

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Branson’s rocket-launch company Virgin Orbit files for bankruptcyCompany failed to secure the funding needed to keep operating It was always going to end like that. Their concept was lame. That means poor old Bill Cullen won’t get his flight now and won’t get back the money on his €250k ticket. Quell surprise 🙄
Source: IrishTimes - 🏆 3. / 98 Read more »

Branson’s rocket-launch company Virgin Orbit files for bankruptcyCompany failed to secure the funding needed to keep operating It was always going to end like that. Their concept was lame. That means poor old Bill Cullen won’t get his flight now and won’t get back the money on his €250k ticket. Quell surprise 🙄
Source: IrishTimes - 🏆 3. / 98 Read more »