The decision to line up the advisers underlines the precarious nature of Virgin Orbit's finances, even as it continues talks with a small number of prospective investors about providing sufficient funding to restart its operations.

After going public in 2021 through a merger with NextGen Acquisition II in a $3.7 billion deal, Virgin Orbit's listed shares are now valued at just $217 million. Read more.

Source: Falling Out of the Sky: Virgin Orbit Plans for Insolvency Amid Rescue Talks with Investors