Failure To Launch

Branson’s rocket firm Virgin Orbit files for bankruptcy

Firm hasn’t turned a profit as a public company

The company forms part of Branson’s empire that includes airline Virgin Atlantic and spaceflight company Virgin Galactic Holdings Inc. Picture: Getty

Virgin Orbit Holdings has 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 85 per cent 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 ...