Branson’s Rocket-Launch Firm Virgin Orbit Files for Bankruptcy

    Virgin Orbit Holdings filed for bankruptcy after the satellite launch firm tied to British billionaire failed to secure the funding needed to keep operating and cut about 85% of its staff.

    The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware, reports.

    Virgin Orbit merged with NextGen II in December 2021. That deal netted just $67.8 million for the company, significantly less than expected, CEO Dan Hart said in a court filing.

    In fact, the deal was expected to fetch up to $383 million of cash held in the NextGen II trust, which assumed no redemptions, and a $100 million fully committed .

    At deal announcement in August 2021, the combined enterprise was valued at $3.2 billion. Read more.

    Source: Branson's Rocket-Launch Firm Virgin Orbit Files for Bankruptcy