Virgin Orbit, which Branson founded in 2017, said it had commenced Chapter 11 proceedings at a US Bankruptcy Court in the District of Delaware to sell the business after being unable to attract enough funding to secure its future.
A Virgin Group spokesperson said: “Richard Branson and the Virgin Group have supported Virgin Orbit over the long term, investing more than $1 billion in the company, including $60 million since November 2022.
“However, this significant funding was not enough to counter the strong headwinds and liquidity challenges Virgin Orbit continues to face.
Virgin Orbit CEO Dan Hart said: “We believe the cutting-edge launch technology this team has created will have wide appeal to buyers as we continue in the process to sell the company.”
This story is from the April 04, 2023 edition of Evening Standard.
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This story is from the April 04, 2023 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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