Virgin Orbit has furloughed nearly all its employees and suspended operations for a week to secure funding.

Executives at the aircraft company briefed employees on the situation in an all-hands meeting on Wednesday, March 15.

The furlough is unpaid, but employees can use paid time off with a small team continuing to work.

Payroll will also be moved up a week to Friday at the aircraft company.

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Management informed staff they would provide an update on the furlough and financing situation by next Wednesday or Thursday.

A Virgin Orbit said the company would give “an update on go-forward operations in the coming weeks.”

They added: “Our investigation is nearly complete and our next production rocket with the needed modification incorporated is in final stages of integration and test.”

Virgin Orbit announced $71.2 million in cash at the end of the third quarter when it released third-quarter earnings in early November.

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Despite $30.9 million in sales, Virgin Orbit reported a $42.9 million adjusted EBITDA loss for the quarter as it continued to burn cash.

From the fourth quarter, the firm has consistently raised debt funds through an investment arm of Richard Branson’s Virgin Group.

In November, the business raised $25 million through an unsecured convertible note, followed by $20 million and $10 million in senior secured convertible notes in December and February, respectively.

The notes give Branson’s parent firm “first-priority” over the assets of Virgin Orbit.

Source: CNBC

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