Sir Richard Branson-backed Virgin Orbit says it is in talks about a $200 million (€183m) rescue package.

Virgin Orbit, which launches rockets and their satellite cargoes, has suspended production and placed staff of a payment furlough while it negotiated its way through a cash crunch.

The discussions are with Texas-based venture capitalist Matthew Brown about a cash injection and if concluded, would mean Brown becoming Virgin Orbit’s largest shareholder.

Virgin, however, in a statement, says there is no assurance that these discussions will result in a transaction.

Virgin Orbit is due to re-start initial work at its Mohave Desert HQ today (March 23rd) and to prepare for its next mission. Full resumption of work will happen next week.

Other posts by :

1. IRIS2 free for government usage?
2. Bank: AST SpaceMobile will orbit 356 satellites by 2030
3. SpaceX launches 600th rocket
4. Starlink: 10m customers and counting
5. SES predicts end of ‘big’ Geo satellites
6. Amazon Leo gets approval for 4,504 extra satellites
7. SpaceX gets a portion of India
8. TerreStar wants to build LEO network
9. Musk: “No Starlink phone”

Categories: Articles, Business, Funding, M&A, Satellite

Tags: Matthew Brown, Sir Richard Branson, Virgin Orbit