Virgin Orbit, the satellite launch company founded by billionaire Richard Branson, has filed for bankruptcy protection in the US after failing to secure long-term funding to recover from a rocket failure in January.[0] The company, which was spun out of Branson’s Virgin Galactic in 2017, has launched six missions since 2020 with four successes and two failures.[1] Virgin Orbit’s LauncherOne rockets are air-launched from a modified Boeing 747-400 carrier, allowing the company to operate more flexibly than using fixed launch sites.[2] The company is now focused on a swift conclusion to its sale process in order to provide clarity on the future of the business for customers, vendors, and employees.[3] Branson’s Virgin Investments Limited has committed $31.6m in debtor-in-possession financing to help fund the process and protect Virgin Orbit’s operations.[4] Once approved by the bankruptcy court, the financing should provide Virgin Orbit with the liquidity it needs to continue operating as it tries to find a buyer.[5]
0. “Virgin Orbit files for bankruptcy protection in US after failing to find funding” The Guardian, 4 Apr. 2023, https://www.theguardian.com/business/2023/apr/04/virgin-orbit-files-for-bankruptcy-protection-in-us-failing-to-find-funding-richard-branson
1. “Virgin Orbit fails to secure funding, will cease operations and lay off nearly entire workforce” CNBC, 30 Mar. 2023, https://www.cnbc.com/2023/03/30/virgin-orbit-funding-ceasing-operations-layoffs.html
2. “Richard Branson’s Virgin Orbit, headquartered in Long Beach, slashing 85% of its workforce” KABC-TV, 2 Apr. 2023, https://abc7.com/richard-branson-virgin-orbit-long-beach-california/13073817/
3. “VIRGIN ORBIT TO CONTINUE SALE PROCESS UNDER CHAPTER 11 PROTECTION” Virgin Orbit, 4 Apr. 2023, https://virginorbit.com/the-latest/virgin-orbit-to-continue-sale-process-under-chapter-11-protection/
4. “Richard Branson’s Space Venture Has Officially Crashed and Burned” Gizmodo, 4 Apr. 2023, https://gizmodo.com/richard-bransons-space-venture-has-officially-crashed-a-1850297693
5. “Virgin Orbit Files For Bankruptcy, Looks For Buyer” Aviation Week, 4 Apr. 2023, https://aviationweek.com/aerospace/commercial-space/virgin-orbit-files-bankruptcy-looks-buyer