Failure to launch: Sir Richard Branson’s Virgin Orbit files for bankruptcy

Businessman riding a tricycle and getting help from the rocket strapped to his back :-)

If you were planning on heading to space onboard Richard Branson’s Virgin Orbit in the near future, then it’s time to change plans.

The rocket company founded by the British billionare and founder of Virgin this and Virgin that, has filed for bankruptcy in the United States.

It’s filed for Chapter 11 bancruptcy, which means it can continue doing business while it trys to tidy the books.

“While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business,” Dan Hart, chief executive of Virgin Orbit, said in a statement.

Another Virgin company, Virgin Investments will hand over US$31.6 million into the rocket business to help it remain in orbit until a potential new owner is found.

Last week, the company confirmed it would be laying off 85 per cent of its staff.

In January, one of its rockets failed to make it to orbit due to a mechanical problem.

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