Virgin Orbit Declares Bankruptcy

Virgin Orbit Holdings, owned by billionaire Richard Branson, announced its bankruptcy today, Tuesday, after the satellite launch company failed to secure the necessary long-term funding to recover from a failed rocket launch in January. CEO Dan Hart stated, "We believe that the bankruptcy filing represents the best way forward to complete an effective sale process that maximizes value." The company listed assets of approximately $243 million and total debt of $153.5 million as of September 30. Virgin Orbit's sixth mission in January failed when its main rocket, LauncherOne, did not reach orbit and fell into the ocean with its payload of American and British intelligence satellites. Branson's Virgin Group, which owns about 75 percent of Virgin Orbit, noted that it has invested more than $1 billion in the unit, including $60 million in secured loans since November.