Virgin Orbit Holdings Inc. filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff.
The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware.
The move punctuates the rapid fall of the Long Beach, California-based company, after a high-profile launch failure in January and collapse in its stock price. Virgin Orbit halted operations in March while it sought additional capital, and later laid off about 671 employees.
