Branson’s Rocket-Launch Firm Virgin Orbit Files for Bankruptcy
- Founder commits $31.6 million more while company seeks buyer
- Operations were halted last month; most of staff laid off
Virgin Orbit’s 'Cosmic Girl' Boeing Co. 747 launch aircraf.
Photographer: James Beck/BloombergThis article is for subscribers only.
Virgin Orbit Holdings Inc. filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff.
The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware.