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.

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

Tags: Matthew Brown, Sir Richard Branson, Virgin Orbit