Virgin Orbit goes bust

Author: EIS Release Date: Apr 11, 2023

Virgin Orbit has filed for bankruptcy. The company has never made a profit since going public in 2021.

 

Last January its first UK launch failed. Last week it announced that 85% of its 750 employees would be laid off.

 

Richard Branson put up $11 million to fund severance payments and $31.6 million towards finding a buyer through the bankruptcy process.

 

Last week’s $200 million lifeline offer  for a majority share in the company from Texas VC Matthew Brown was withdrawn.