Virgin Orbit announced March 30th that it is laying off most of its employees, having failed to raise the additional cash to keep the rocket-launching business afloat.

In an SEC filing, Virgin Orbit Holdings said it was laying off 675 staff, some 85 per cent of the total. Most had already been furloughed since mid-March as financial troubles hit the operation.

Virgin Orbit and its LauncherOne rocket/aircraft combo operate from the Mojave Air and Space Port in California.

The SEC filing adds that Virgin Orbit and its Guarantors granted a first-priority security interest on substantially all of their respective assets, including all aircrafts, aircraft engines (including spare aircraft parts) and related assets, other than certain customary excluded assets and permitted liens to Virgin Investments Ltd.

The filing, signed by CEO Dan Hart, explained that about $15 million will be needed in severance payments.

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Categories: Articles, Business, Funding

Tags: Dan Hart, LauncherOne, Virgin Orbit