Richard Branson's Virgin Orbit Files For Bankruptcy
Virgin Orbit, the rocket firm founded by Richard Branson filed for bankruptcy. It announced that it would lay off 85 percent of its employees.
Virgin Orbit will now seek to sell the company as a whole or any of its assets in order to end its bankruptcy.
Virgin Orbit laid off about 675 employees after it failed to secure key funding
According to the filing, The company listed assets were at $243 million and total debt was $153.5 million.
Branson spun off to create Virgin Orbit from its sister company, Virgin Galactic in 2017
Virgin Orbit's shares on the New York Stock Exchange were down 3 per cent at 19 cents on Monday evening.
Virgin Orbit successfully launched its first mission to orbit in January 2021 and completed 4 successful flights through 2022.