Following a high-profile unsuccessful rocket launch in January, the billionaire Richard Branson-founded business that converted a Boeing 747 to launch satellites into orbit has filed for bankruptcy.
On Monday, Virgin Orbit declared that it was filing for Chapter 11 bankruptcy protection in an effort to sell the financially precarious business. Virgin Orbit CEO Dan Hart said in a statement that 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.”
As a division of his space travel company Virgin Galactic, Branson established Virgin Orbit in 2017.
The launch company Virgin Orbit describes itself as serving the “rapidly expanding industry” of tiny satellites.