9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
Billionaire Richard Branson’s Virgin Orbit aerospace company has filed for bankruptcy. This was reported by Reuters, Ukrinform reports. The company is said to have filed for Chapter 11
This was reported by Reuters, Ukrinform reports.
The company is said to have filed for Chapter 11 bankruptcy in the U.S. District Court for the District of Delaware to sell the business after it failed to secure the long-term financing needed to survive a failed rocket launch in January.
“At this time, we believe the Chapter 11 process is the best way to identify and complete an effective and maximizing sale,” Virgin Orbit CEO Dan Hart said in a statement. said.
In January 2022, Virgin Orbit, a subsidiary of Virgin Group, a Branson-owned conglomerate, attempted to launch the first satellite from Great Britain into space, but failed. This mission was the sixth mission for Virgin Orbit and the second failed.
The company struggled to find new financing after the failed launch, halted operations and laid off nearly all of its employees on March 15 to save money.
Virgin Orbit’s market cap was $65 million. As of April 3rd. Two years ago, the company was valued at $3 billion.
Source: Ukrinform
As an experienced journalist and author, Mary has been reporting on the latest news and trends for over 5 years. With a passion for uncovering the stories behind the headlines, Mary has earned a reputation as a trusted voice in the world of journalism. Her writing style is insightful, engaging and thought-provoking, as she takes a deep dive into the most pressing issues of our time.
