The company laid of 85 percent of its staff last week.
Virgin Orbit, a spin-off from British billionaire's space venture, Virgin Galactic, has filed for Chapter 11 bankruptcy in the U.S. in a bid to finalize a value-maximizing sale. The company had been looking to secure long-term funding for some time now but attempts to do so failed. By filing for Chapter 11 bankruptcy, the company hopes to find a new buyer.
Shortly thereafter, the company went public after raising $225 million and was valued at $3 billion at the time. However, it failed to replicate its success, and launch issues marred its progress.2022 was supposed to be a busy year for Virgin Orbit with plans to carry out launches every week, asaid in 2021. What we saw instead was pushing back of launch deadlines which further dented investor confidence in the company.
Even when Virgin Orbit raised its $225 million to go public, the money raised was below expectations. With an estimated cash burn of $20 million a month, according to an
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