Satellite-launch company VirginOrbit has reportedly been in talks all weekend as it seeks a cash injection to avoid possible bankruptcy.
The future of Virgin Orbit is hanging in the balance as it continues to seek a cash injection to avoid bankruptcy.
Virgin Orbit’s struggles first came to light last week when it furloughed all 750 0f its staff while it looked for a backer. The company is declining to comment on the reported talks, though people familiar with the matter said that Virgin Orbit CEO Dan Hart and other senior leadership were in discussions throughout the weekend with potential investors.
In its battle to survive, Virgin Orbit it also working with Alvarez & Marsal and Ducera, two restructuring firms, regarding a backup plan in case it fails to secure new funding, Sky News reported on Sunday. Virgin Orbit’s flight system uses a modified Boeing 747 aircraft with a rocket under a wing to launch small satellites to orbit for a private businesses and governments. An advantage of Virgin Orbit’s air-launch capability over rivals such as SpaceX and RocketLab is that it can get airborne from pretty much any location that has a runway without the need for expensive infrastructure. It can also operate in poor weather conditions that might delay a ground-based launch.
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