Richard Branson's Virgin Orbit filed for Chapter 11 bankruptcy after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure
filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure.
The company listed assets of about $243 million and total debt at $153.5 million as of Sept. 30 in the filing. But a shift in demand toward larger launch rockets and more cost-effective shared rides to space on SpaceX's Falcon 9 rocket over the past two years raised the competitive stakes for Virgin Orbit, analysts and industry executives have said.
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