Virgin Orbit files for Chapter 11 bankruptcy protection in the U.S.

Photo caption: The company’s modified 747 jet “Cosmic Girl” in Mojave, California. Photo credit: Virgin Orbit. Article by Sam Meredith. CNBC – April 4, 2023.

Virgin Orbit on Tuesday filed for Chapter 11 bankruptcy protection in the U.S. after failing to secure a funding lifeline. The California-based satellite launch company lodged the filing in the U.S. Bankruptcy Court in the District of Delaware and is looking to sell its assets. It comes after CNBC obtained audio of Virgin Orbit CEO Dan Hart telling employees during an all-hands meeting last week that the company was ceasing operations “for the foreseeable future.” The firm also said it would lay off nearly all of its workforce. […]

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