A report from analysts at Quilty Space (the former Quilty Analytics) takes a forensic look at the reasons behind the collapse of Sir Richard Branson’s Virgin Orbit, and reports on what contributed to the project’s failure and entry into Chapter 11 reconstruction. Quilty reminds readers that Virgin Orbit was unveiled back in 2012 and has […]
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 […]
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 […]
Virgin Orbit has secured $31.6 million (€29.9m) in ‘Debtor in Possession’ financing from its US bankruptcy court in Delaware. The satellite services company said it intends to use the Chapter 11 process to maximise value for its business and assets. The cash comes from Virgin Investments. “Upon approval from the Bankruptcy Court, the DiP financing […]
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. […]
Sir Richard Branson’s rocket company Virgin Orbit has filed for bankruptcy in the US after failing to secure new investment. The satellite launch company had already halted operations and laid-off staff but says it hopes to find a buyer for the business. In truth, it was always an also-ran contender in the competitive launch business […]
Barely 18 months ago, Virgin Orbit was valued at $3.7 billion. Its share price on March 31st valued the aircraft-based rocket launch business as being worth just $0.20 per share, and a market capitalisation of just $66 million. There seems little prospect of the business escaping bankruptcy. Virgin Orbit has laid off almost all of […]
Virgin Orbit announced March 30th that it is laying off most of its employees, having failed to raise the additional cash to keep the rocket-launching business afloat. In an SEC filing, Virgin Orbit Holdings said it was laying off 675 staff, some 85 per cent of the total. Most had already been furloughed since mid-March […]
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 […]
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 […]