Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy in the U.S., CNN reported. The California-based company said in a statement that it had filed for chapter 11. “While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business,” Dan Hart, chief executive of Virgin Orbit, said. Hart said he believed that the company’s “cutting-edge launch technology” would have “wide appeal to buyers as we continue in the process to sell the company.” Virgin Investments, one of Virgin Orbit’s sister companies, will inject $31.6 million into the satellite launcher to help it stay afloat while the business searches for a new owner. The announcement comes just days after Virgin Orbit said it would lay off about 85% of its workforce to reduce expenses since it could not secure additional funding. The company was founded in 2017 to make small rockets, called LauncherOne, that can deliver lightweight satellites to orbit quickly and cheaply. The rockets take off from modified Boeing 747 planes. It is one of several companies that has attempted to commercialize satellite launching.
