Virgin Orbit files for bankruptcy after fundraising efforts fail

Virgin Orbit filed for bankruptcy on Monday (April 3), a move that comes shortly after the satellite launch company failed to secure two funding deals and laid off most of its staff.

The California-based company has entered the process of Chapter 11 bankruptcy, commonly known as “reorganization bankruptcy” and allows the company to continue its basic operations while it searches for a buyer. Virgin Investments Limited, which is also part of the billionaire Richard Bransonof the Virgin group and owns 75% of pristine orbitwill provide $31.6 million in support to keep the business afloat until it is sold, according to a company statement (opens in a new tab) released Monday, April 3.

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