Richard Branson’s Virgin Orbit Files for Bankruptcy

Virgin Orbit, a satellite launch company whose fortunes have sunk since one of its rockets failed to reach orbit in January, filed for bankruptcy protection in the United States on Tuesday.

The company, founded by Richard Branson, had an unusual way of getting satellites into space: A converted Boeing 747 aircraft would carry aloft a satellite-packed rocket under its wing. When aloft, the rocket would detach and fire its engines, climbing upward into orbit before releasing the satellites.

But the company’s most recent attempt, in Cornwall, England, failed after the rocket fell short of reaching orbit, and the nine satellites on board were lost. The company, based in California, was attempting the first launch of satellites from Britain, and the mission was a high-profile event strongly supported by the country’s space community.

Afterward, Virgin Orbit said it would return and try again, but financing began to dry up, and the company’s stock price started to slide.

Article source: https://www.nytimes.com/2023/04/04/business/virgin-orbit-bankruptcy.html