Array
Virgin Orbit, the satellite-launching company founded by British billionaire Richard Branson, has filed for bankruptcy.
The California-based company filed for Chapter 11 Monday, according to a press release. Virgin Orbit is trying to sell the company that started in 2017 to complement Mr. Branson’s space travel brand, Virgin Galactic.
“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,” CEO Dan Hart said in the release.
