Virgin Orbit is Bankrupt
Posted: 05 Apr 2023 13:13
Reuters
Virgin Orbit Holdings Inc (VORB.O), founded by billionaire Richard Branson, filed for Chapter 11 bankruptcy protection on Tuesday after the satellite launching business struggled to secure long-term funding following a failed launch in January.
The filing comes less than two years after Virgin Orbit went public at a valuation of roughly $3 billion. But the January mishap left the company scrambling for new funding and forced it to halt operations.
The filing comes less than two years after Virgin Orbit went public at a valuation of roughly $3 billion. But the January mishap left the company scrambling for new funding and forced it to halt operations.