Branson's Virgin Orbit files for bankruptcy (updated)

Virgin Orbit Holdings

04/04/2023 06:36

(Adds details)
    By Joey Roulette
       WASHINGTON, April 4 (Reuters) - Richard Branson's Virgin
Orbit Holdings  VORB.O  filed for Chapter 11 bankruptcy on
Tuesday after the satellite launch company failed to secure the
long-term funding needed to help it recover from a January
rocket failure.
    The Long Beach, California-based company lodged the filing
in the U.S. Bankruptcy Court for the District of Delaware
seeking a sale of its assets after announcing the layoff of
roughly 85% of its 750 employees last week.
    The company listed assets and liabilities between $100
million and $500 million in the filing.

 (Reporting by Joey Roulette; Additional reporting by Jahnavi
Nidumolu; Editing by Tom Hogue and Christopher Cushing)
 ((Joey.Roulette@thomsonreuters.com; 7034696632;))