Virgin Orbit could raise $200m in cash rescue
March 23, 2023
By Chris Forrester
Sir Richard Branson-backed Virgin Orbit says it is in talks about a $200 million (€183m) rescue package.
Virgin Orbit, which launches rockets and their satellite cargoes, has suspended production and placed staff of a payment furlough while it negotiated its way through a cash crunch.
The discussions are with Texas-based venture capitalist Matthew Brown about a cash injection and if concluded, would mean Brown becoming Virgin Orbit’s largest shareholder.
Virgin, however, in a statement, says there is no assurance that these discussions will result in a transaction.
Virgin Orbit is due to re-start initial work at its Mohave Desert HQ today (March 23rd) and to prepare for its next mission. Full resumption of work will happen next week.