It failed to secure funding to continue operations.
Richard Branson’s Virgin Orbit filed for Chapter 11 bankruptcy on Tuesday after it failed to secure funding to continue operations, the rocket launch company said in a statement.
«At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale,» Dan Hart, the CEO of Virgin Orbit, said in the statement.
The rocket launch company listed assets of about $243 million and total debt of $153.5 million as of September 30, 2022, according to a copy of the company’s bankruptcy filing seen by Insider.
