Richard Branson's rocket company Virgin Orbit bankrupt

British billionaire Sir Richard Branson's rocket company Virgin Orbit has filed for bankruptcy in the US Delaware court. This application has been filed after not getting new funding. The satellite launch company had shut down its operations weeks ago but is hopeful of finding a buyer for the business. The California-based company last week announced plans to lay off 85% of its workforce of 750.
Earlier this year, Virgin Orbit's rocket failed to launch its first satellite from UK soil. The reason for its failure was the dislodgement of the rocket fuel filter, which caused one of its engines to overheat. Virgin Orbit was founded in 2017 and is a spin-off of Sir Richard's space tourism company Virgin Galactic. It launches rockets from modified Boeing 747 aircraft to send satellites into space.
Virgin Orbit's mission was seen as a milestone for UK space exploration. It was expected to be a major step in helping turn the country into a global player that will expand from satellite manufacturing to building rockets and a new spaceport. After the failure of the mission, Virgin Orbit tried hard to raise new funding, but it did not succeed.
Richard Branson's established company started commercial services in 2021. It has put commercial, civil, national security and international satellites into orbit. So far it has put 33 satellites in orbit. Virgin Orbit's LauncherOne rocket is designed and manufactured in Long Beach, California. It is air-launched from a modified 747-400 carrier aircraft.
Virgin Orbit CEO Dan Hart said, 'We believe the state-of-the-art launch technology this team has created will attract buyers. The company said that one of its subsidiaries - Virgin Investments - will provide $31.6 million in funding to Virgin Orbit to help find a buyer. It had assets of about $243 million as of Sept. 30 and total debt of $153.5 million, according to the filing.