Lede

Virgin Orbit, the rocket company founded by Richard Branson, has filed for bankruptcy in the United States.

Summary

• Virgin Orbit has filed for Chapter 11 bankruptcy, allowing the company to continue business while restructuring its debts.
• The company's CEO, Dan Hart, expressed confidence in its "cutting-edge launch technology" and expects it to have wide appeal to potential buyers.
• Sister company, Virgin Investments, will provide $31.6 million to keep the satellite launcher afloat while it searches for a new owner.
• This announcement follows a recent decision to lay off 85% of the workforce due to financial difficulties.
• Virgin Orbit was founded in 2017 to make small rockets that deliver lightweight satellites to orbit quickly and affordably.
• The company has had previous successful launches but experienced a setback in January when one of its rockets failed to make it to orbit due to engine overheating.