Gross landing for Virgin Orbit. Richard Branson’s space launch company has filed for Chapter 11 bankruptcy, the United States corporate bankruptcy proceeding. You must stop your activities because you have not found the necessary financing.
This result was expected with several failed launches. In 2020, the first one was unsuccessful. Last January, the mission, dubbed “Start Me Up”, again ended in failure. The Boeing 747 carrying the 21-meter rocket lifted off from Spaceport in Cornwall, a consortium that includes Virgin Orbit and the UK Space Agency.
The aim of the mission was to launch nine satellites into space, which would have been a huge first for the UK, whose ambition was to become the ninth country to join the exclusive club of launch-capable states.
find a buyer
The company will not recover from its successive failures. In mid-March it announced the temporary suspension of its activities. A few days later, it decided to cut 85% of its 750-employee workforce.
Speaking on the BBC, Virgin Orbit chief executive Dan Hart said the company has “worked hard” to manage its finances and secure more funding, “ultimately we have to do what’s best for ‘business’.” He explains that from now on, Virgin Orbit will focus on finding a buyer for the company “to clarify the future of the company to its customers, suppliers and employees.”
Virgin Orbit was founded in 2017 and is a spin-off of Sir Richard’s space tourism company Virgin Galactic. Its launch method is based on rockets installed under Boeing 747 modified to send satellites.
Source: BFM TV
