Virgin Orbit’s collapse
March 22, 2023
Satellite launch business Virgin Orbit, backed by Sir Richard Branson, is urgently looking for more cash to stay in business. Virgin Orbit suspended all its activity – and stopped paying staff – ten days ago on March 16th while it sought fresh funding.
The market is awaiting confirmation – one way or another – as to whether the cash is forthcoming or whether it will seek Chapter 11 bankruptcy. Branson’s Virgin Group is working with two restructuring firms, Alvarez & Marsal and Ducera on its potential next steps.
Virgin Orbit is 75 per cent controlled by Branson’s Virgin Group and is still quoted on the US Nasdaq exchange (as VORB). Branson has reportedly invested more than $1 billion into ‘Orbit’ including $60 million since November 2022.
Meanwhile, Virgin Orbit is continuing to make final assembly work on its next potential mission at its HQ in the Mojave Desert.
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