Virgin Orbit, the rocket company founded by Sir Richard Branson, has filed for bankruptcy in the United States after failing to secure new investment. The California-based company announced last week that it would lay off 85 percent of its 750 employees. This is a significant setback for the British space programme led by Sir Richard.
This year, Virgin Orbit’s first satellite launch from British soil failed. Unfortunately, the company’s efforts to address its financial situation and secure additional funding were unsuccessful. As a result, the company is now concentrating its efforts on finding a buyer.
Virgin Orbit was established in 2017 as a subsidiary of Sir Richard Branson’s space tourism company, Virgin Galactic. It launches satellites into space from beneath modified Boeing 747 aircraft by launching rockets.
Virgin Orbit, the space exploration company of British billionaire Sir Richard Branson, has filed for bankruptcy in the United States after failing to secure new investment. The company was established in 2017 as a spin-off of Sir Richard Branson’s space tourism venture Virgin Galactic. To launch satellites into space, the company focuses on launching rockets from beneath modified Boeing 747 aircraft.
Last week, Virgin Orbit announced that it would lay off 85 percent of its 750-person workforce due to financial difficulties. This follows a failed satellite launch from British soil earlier this year. Despite “great efforts” to address their finances and secure additional funding, they have been unsuccessful and are now solely focused on selling the company.
The declaration of bankruptcy by Virgin Orbit is a devastating blow to Sir Richard’s British space programme, which has been striving to advance space exploration. The decision to file for bankruptcy, according to Dan Hart, CEO of Virgin Orbit, was made to provide clarity on the company’s future to its customers, vendors, and employees.
