Virgin Orbit announced on Monday that it was seeking Chapter 11 bankruptcy protection as it attempts to find a buyer for the financially struggling company.
Virgin Orbit bills itself as a launch service for the"rapidly growing industry" of small satellites, and Hart said the firm had successfully launched 33 satellites into orbit.
On March 15, Virgin Orbit announced it wasThen, about two weeks later, the company said it wasroughly 85% of its total workforce — because it was unable to secure"meaningful funding." Company officials estimated they would have to pay about $15 million in severance payments and other costs related to the job cuts.
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