Virgin Orbit Files for Chapter 11 Bankruptcy After Failure to Secure Funding

Virgin Orbit on Tuesday filed for Chapter 11 bankruptcy protection in the U.S. after failing to secure a funding lifeline.

The California-based satellite launch company lodged the filing in the U.S. Bankruptcy Court in the District of Delaware and is looking to sell its assets.

It comes after CNBC obtained audio of Virgin Orbit CEO Dan Hart telling employees during an all-hands meeting last week that the company was ceasing operations “for the foreseeable future.” The firm also said it would lay off nearly all of its workforce.

Read the source article at cnbc.com