Virgin Orbit Holdings, Inc., the satellite launch and service company, said it has filed for Chapter 11 bankruptcy law protection in the United States Bankruptcy Court in the District of Delaware. The filing is part of a plan “to effectuate a sale of the business,” the company said.
The Chapter 11 announcement follows the revelation last week that Virgin Orbit was cutting most of its staff because of its inability to raise enough capital to continue operations. The company apparently was not able to recover following a failed satellite launch in January from its Spaceport Cornwall base in England.
