Virgin Orbit Seeks Bankruptcy Protection After Mission Fail

Richard Branson's Virgin Orbit is filing for Chapter 11 bankruptcy protection after a failed mission earlier this year and increasing difficulty in raising funding for future missions.

Last week, the company laid off most of its staff. In a filing on Monday, Virgin Orbit told the US Bankruptcy Court for the District of Delaware that it was looking to sell its assets.

The company said, that it has secured USD31.6 million in debtor-in-possession financing from Branson's Virgin Investments Ltd.