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Virgin Orbit Holdings, owned by Richard Branson, filed for Chapter 11 bankruptcy on Tuesday, April 4. The move comes after the unsuccessful satellite launch earlier this year and the company’s failure to secure its needed funding.
Virgin Orbit has been seeking long-term funding to help the company get back on its feet after the failed rocket launch in January. It said that it would continue to do business while it is looking for a buyer.
According to Reuters, the rocket company based in Long Beach, California, filed pertinent documents with the U.S. Bankruptcy Court for the District of Delaware. It stated in the filing that it is looking to sell its assets following the staff layoff that will affect about 85% of its total workforce. The job cuts were announced just last week.
Virgin Orbit listed assets worth around $243 million with a total debt of $153.5 million as of September 2022. The company went public in 2021 via a blank check deal and raised just $255 million, which was less than the expected amount.
"While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business," Virgin Orbit’s chief executive officer, Dan Hart, said in a statement after the company filed for bankruptcy.
The CEO further said, “We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the company and at this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale."
Virgin Orbit was established in 2017 as a spin-off of Richard Branson's Virgin Galactic space tourism venture. It was also created to market the LauncherOne rocket.
