The move punctuates the rapid fall of the Long Beach, California-based company, after a high-profile launch failure in January and collapse in its stock price.
filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff.
The 72-year-old billionaire had already pumped in $70.9 million since November, according to bankruptcy filings. The launch company officially began in 2017 as an offshoot of Virgin Galactic. Virgin Orbit’s business centered on launching small satellites into orbit. Virgin Orbit successfully launched its first mission to orbit in January 2021 and completed four successful flights through 2022. It has placed 33 satellites into precise orbit, the company said.failed January missionIts vehicle never reached orbit after incurring a problem with a fuel filter during the flight, leading to the loss of nine small satellites.The mishap accelerated a cash crunch under way since the SPAC transaction that took Virgin Orbit public in December 2021.
In June of last year, the company sold $50 million in convertible notes to Yorkville Capital Management, according to a court submission by Brian Whittman, a restructuring adviser at Alvarez & Marsal who was brought on in February.
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