Richard Branson's Virgin Orbit Files For Chapter 11 Bankruptcy
Richard Branson’s aerospace company Virgin Orbit Holdings (VORB.O) has filed for Chapter 11 Bankruptcy . The company did not secure sufficient funding to recover from a January satellite launch failure. The Long Beach, California-based corporation filed the case in the District of Delaware Bankruptcy Court. After announcing the layoffs of around 85% of its 750 employees last week, the company is looking to sell all of its assets. According to the statement, the company had total debt of $153.5 million as of Sept. 30 and assets of around $243 million. Virgin Orbit CEO Dan Hart stated, “We believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale.” Over 75% of the launch company was owned by Branson’s Virgin Group, which reportedly invested over $1 billion in the business, including $60 million in secured loans since November 2022. With a 17.9% interest in Virgin Orbit, Mubadala, the sovereign wealth fund of...