Virgin Orbit, Sir’s company Richard Bransonthe first person to fly into space in his own spaceship fired almost all of his employees and filed for bankruptcy.
A Long Beach, California-based company filed for Chapter 11 bankruptcy in Delaware County Bankruptcy Court, seeking the sale of all of its assets.
critical moment
Last week, virgin orbit announced the layoff of 85% of its workforce, about 750 employees.
virgin orbit it went public in 2021 in a blank card deal, raising $255 million less than expected.
Separate division of Branson’s space tourism company Virgin Galactic since 2017 virgin orbit launches rockets from under a Boeing aircraft to launch satellites into orbit.
But a shift in demand towards larger launch vehicles and more cost-effective joint spaceflight on the SpaceX Falcon 9 rocket over the past two years has raised the competitive stakes for virgin Orbit, industry analysts and executives said.
Virgin Orbit’s sixth mission in January, with its main rocket LauncherOne, the first rocket launched from the UK, failed to reach orbit and sent a payload of US and UK reconnaissance satellites into the ocean.
crisis for his sister
virgin orbit is part of the investment of the Virgin Group, which owned approximately 75% of the company’s total shares.
Abu Dhabi State Fund Mubadala was the second largest investor in virgin orbit with the participation of 17.9%.
“We believe that the process described in Chapter 11 represents the best path to identifying and completing an effective and value-maximizing sale,” said the CEO. virgin Orbit, Dan Hart, in a statement.
The company listed about $243 million in assets and $153.5 million in total debt as of September 30 in the filing.
virgin orbit its market value was $65 million based on Monday’s closing price, up from over $3 billion two years ago. Shares fell 12% in premarket trading on Tuesday.
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.