Richard Branson’s Virgin Orbit Files For Bankruptcy
Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy in the United States.
The California-based company said in a statement Monday that it had filed for Chapter 11 bankruptcy, meaning that it can continue doing business while it restructures its debts.
“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,” Dan Hart, chief executive of Virgin Orbit, said in the statement posted on its website.
Virgin Investments, one of Virgin Orbit’s sister companies, will inject $31.6 million into the satellite launcher to help it stay afloat while the business searches for a new owner.
The announcement comes just days after Virgin Orbit...