Posted on 04/04/2023 9:02:48 AM PDT by george76
Richard Branson’s Virgin Orbit Holdings (VORB.O) filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure.
The Long Beach, California-based company lodged the filing in the U.S. Bankruptcy Court for the District of Delaware seeking a sale of its assets after announcing the layoff of roughly 85% of its 750 employees last week.
“At this stage, we believe that the Chapter 11 process represents the best path forward
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Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson’s space tourism firm Virgin Galactic in 2017
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The company’s sixth mission in January with its centerpiece LauncherOne rocket, the first rocket launch out of Britain, failed to reach orbit and sent its payload of U.S. and UK intelligence satellites plunging into the ocean.
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Reuters reported last month that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Those talks collapsed.
The March 30 announcement of about 675 layoffs came as a result of “the company’s inability to secure meaningful funding,” Virgin Orbit said. Those layoffs are expected to be substantially complete by Monday.
Virgin Orbit at the time secured $10.7 million from Branson’s Virgin Investments Limited to fund severance for employees and other expenses tied to the layoffs, which it estimated would cost $15 million.
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Virgin Orbit had a market value of $65 million based on Monday’s closing price, down from more than $3 billion two years ago.
(Excerpt) Read more at nypost.com ...
There are several Islamic countries that could acquire them.
Well, he’ll never be president
I’ve fired a few bottle rockets in my youth.
Does that count?
You’ll be head engineer.
It was a niche operation, just small-payload missions launched from an aircraft, like Pegasus.
Turns out the economic advantage of air-launch wasn’t enough to underpin the business.
Branson, Bezos, and Musk. What is it about billionaires that make them want to build rockets?
Kinda figured unmanned - thanks for the info
“Branson was the only one using it to launch a sub-orbital, up and down tourist ride. NM taxpayers likely will now pick up the cost for its upkeep.”
This is Virgin ORBIT. Launched from Britain.
Government grants $$$
Brain Science!!!
That’s Virgin Galactic, a separate entity from Virgin Orbital. As far as anyone knows, the human launching Galactic part is still going. But this doesn’t bode well.
“So what happens to the SpaceShip2?”
Different company.
I think it’s gonna be a long, long time...
(just kidding)
😛
The old hippie needs to get a haircut.
I know, but so is Chevrolet and Cadillac. Still GM at the top.
For some reason he reminds me of David Geffen.
(snicker, snicker)
Launching from Texas. Go to spacex.com and watch the live stream.
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