Home » UK Business News • US business news » Richard Branson’s Virgin Orbit files for bankruptcy

Richard Branson’s Virgin Orbit files for bankruptcy

By Nagasunder in UK Business News, posted April 4, 2023

Sir Richard Branson's rocket company, Virgin Orbit, has declared bankruptcy in the United States after it failed to find new investment.

The satellite launch firm stopped operations several weeks ago, but was hoping to find a buyer.

The California-based company revealed last week that it would lay off 85 percent of its 750-person workforce.

Dan Hart, CEO of Virgin Orbit, stated that while the company had "made great efforts" to address its finances and secure additional funding, "we ultimately must do what is best for the business."

He stated Virgin Orbit will now focus on finding a buyer for the company "to provide clarity on the future of the company to its customers, vendors, and employees."

Need Career Advice? Get employment skills advice at all levels of your career

Virgin Orbit, a spin-off from Sir Richard Branson's space tourism company Virgin Galactic, was established in 2017.

It sends satellites into orbit by launching rockets from beneath modified Boeing 747 planes.

A Virgin Orbit rocket failed to complete its first-ever satellite launch from UK territory earlier this year.

Source: BBC