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 ...
I've wondered the same. The concept is still valid...I assume.
Meanwhile, SpaceX isn't slowing.
Biggest Ever Rocket Is Assembled Briefly In Texas
"When it eventually lifts off, it will produce about twice the thrust of the vehicles (Saturn 5) that sent men to the Moon."
"The main engines on Apollo's famous Saturn V rockets delivered some 35 meganewtons (nearly 8 million pounds of force) off the pad. The new SpaceX Super Heavy booster should achieve around 70 meganewtons."
I believe this is the Mars rocket.
do you know when?
Virgin Suborbit is more like it.
No time posted yet. You just have to keep searching for Starship news.
I’d be surprised if the assets are not acquired, perhaps by the UK gubmint, or the UK and Australia.
Starship’s first flight is gonna be big, even if it doesn’t make orbit. :^)
https://www.youtube.com/watch?v=dVd06u7xuCw
https://www.youtube.com/watch?v=TLNGMXkKNGU
https://www.youtube.com/watch?v=g5xoEIZtkVA
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