Advanced Television

Sir Richard Branson

Virgin Galactic needs $400m extra funds

Sir Richard Branson-backed tourists-into-space project is seeking a cash infusion of about $400 million (€367.2m). Its first commercial sub-orbital flight (designated Galactic 01) is scheduled for later this week when it will carry a group of Italians on a brief journey to the edge of space. The mission will happen from Virgin’s Spaceport America in […]

June 26, 2023By Chris Forrester

Virgin Orbit shuts down

Virgin Orbit’s asset sale has seen its key elements go to many disparate groups. The Sir Richard Branson-backed business has not survived as a going concern. The rocket-launching company has now completely shut down. Virgin Orbit’s asset sale, organised under the supervision of its bankruptcy court, raised just $36 million (€33.3m) which means that the […]

May 24, 2023By Chris Forrester

Virgin Orbit seeks bankruptcy bid extension

Virgin Orbit, in Chapter 11 bankruptcy protection, has asked its bankruptcy court to delay the deadline for prospective bidders to make their intentions known. Virgin Orbit says that more time was needed to iron out some details and to give more time to get a deal done. Virgin Orbit had originally set May 14th for […]

May 15, 2023By Chris Forrester

Virgin Galactic flies again

Sir Richard Branson’s Virgin Galactic space tourism aircraft – not to be confused with Virgin Orbit which is in Chapter 11 bankruptcy – is flying again. Virgin Galactic’s SpaceShipTwo made its first flight in almost two years on April 26th. It last flew with Branson aboard in July 2021. The aircraft combination comprising its SpaceShipTwo’s […]

April 28, 2023By Chris Forrester

Virgin Orbit CEO: “We made mistakes”

Virgin Orbit is already flying again despite its Chapter 11 bankruptcy. At least one test flight has taken place since the bankruptcy was put in place. However, Virgin Orbit’s CEO Dan Hart has admitted that he and the business had made mistakes. Hart said that some key financial and operational “missteps” meant the company had […]

April 20, 2023By Chris Forrester

Virgin Orbit wants speedy exit from Chapter 11

Virgin Orbit says it wants to exit its Chapter 11 bankruptcy protection by the end of May. The rocket-launching company moved into its ‘Debtor in Possession’ mode on April 4th with fresh cash (of $31.6 million) coming from Sir Richard Branson’s Virgin Investments company. Virgin Orbit, in a 78-page motion to its bankruptcy court, supplied […]

April 13, 2023

Virgin Orbit COO hits out at bosses

Virgin Orbit’s outgoing COO Tony Gingiss had some tough words for his fellow company leaders in a company-wide email obtained by news channel CNBC. The New York NASDAQ index is also suspending the company’s stock listing, effective April 13th. Although Gingiss doesn’t name CEO Dan Hart by name in his memo, or main backer Sir […]

April 11, 2023

Virgin Orbit files for Chapter 11

Struggling satellite launch company Virgin Orbit, backed by entrepreneur Sir Richard Branson, has filed for Chapter 11 bankruptcy in the US. The move to a Chapter 11 bankruptcy allows the affected company to stay active, although under a Court’s administration, while it – hopefully – secures fresh funding and permits a reconstruction of the business. […]

April 4, 2023By Chris Forrester

Virgin Orbit could raise $200m in cash rescue

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 […]

March 23, 2023By Chris Forrester

Virgin Orbit’s collapse

Satellite launch business Virgin Orbit, backed by Sir Richard Branson, is urgently looking for more cash to stay in business. Virgin Orbit suspended all its activity – and stopped paying staff – ten days ago on March 16th while it sought fresh funding. The market is awaiting confirmation – one way or another – as […]

March 22, 2023