As a result of its failure to secure long-term investment, responsive space launch provider Virgin Orbit Holdings, Inc. along with its US subsidiaries, has filed for Chapter 11 bankruptcy protection in order to effectuate a sale of the business.
The Chapter 11 filing comes after the companys sixth mission in January, in which its centrepiece LauncherOne rocket the first rocket launch out of the UK failed to reach orbit and crashed into the ocean.
Following the rocket failure, Virgin Orbit struggled to find new funding, halted operations and furloughed nearly all its employees in March in a bid to conserve cash. In April, the company stated that it intends to layoff around 85 percent of its 750 employees.
While we have taken great effor…
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