Virgin Orbit, the low-Earth orbit small payload launch company that was spun out of Richard Branson’s Virgin Galactic, has filed for bankruptcy protection with the U.S. Securities and Exchange Commission. The bankruptcy filing follows weeks of bad news for the company, including a pause on all operations, a brief hunt for more money to continue…
Richard Branson’s satellite launch company, which hasn’t recovered since a January mishap in Britain, has laid off nearly all its employees.
Richard Branson’s satellite launch company, which hasn’t recovered since a January mishap in Britain, has laid off nearly all its employees.
Virgin Orbit has laid off most of its staff after failing to secure a funding lifeline to continue with the development of its space solutions business.
Virgin Orbit is laying off around 85% of its workforce in order to further reduce expenses, after the troubled space company said it was unable to secure additional funding to keep it afloat. The news, which Virgin Orbit filed with the U.S. Securities and Exchange Commission Thursday, comes just two weeks after the company furloughed…
Satellite-launch company Virgin Orbit has reportedly been in talks all weekend as it seeks a cash injection to avoid possible bankruptcy.
Last night, CNBC broke the bombshell news that Virgin Orbit was pausing operations for at least a week while it looked for funding to support the business. As part of that pause, company executives reportedly told staff in an all-hands meeting that they were being furloughed — and that it would be unpaid. The news…
Virgin Orbit is halting all operations for a week to save money while it “conducts discussions with potential funding sources and explores strategic opportunities,” the company announced in an SEC filing. The company has been struggling financially and a recent launch failure clearly exacerbated those issues. The January launch was accompanied by much fanfare, as…
The company’s financial woes worsened in the wake of failed January launch.
Launch is hard, but at least now that every rocket is sending extremely detailed live telemetry back to HQ, teams can know what led to a failed launch within days or weeks. Case in point: Virgin Orbit’s much-hyped first launch from U.K. soil last month, which did not achieve orbit — apparently due to a…
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