Space tourism business Virgin Galactic announced a reverse stock split where existing shareholders received one new share for every 20 that they owned. The move, an attempt to stay within the rules of the New York Stock Exchange (NYSE), did no favours for the company and prompted at 14 per cent fall in value in […]

Aerospace giant Boeing is suing Sir Richard Branson’s space tourism venture Virgin Galactic, alleging unpaid invoices and the misappropriation of Boeing-owned trade secrets and IP. Boeing is suing via its subsidiary Aurora Flight Sciences, and its writ states that Virgin has not paid $26.4 million in invoices for work related to the development of a […]

Sir Richard Branson-backed tourists-into-space project is seeking a cash infusion of about $400 million (€367.2m). Its first commercial sub-orbital flight (designated Galactic 01) is scheduled for later this week when it will carry a group of Italians on a brief journey to the edge of space. The mission will happen from Virgin’s Spaceport America in […]

Virgin Orbit’s asset sale has seen its key elements go to many disparate groups. The Sir Richard Branson-backed business has not survived as a going concern. The rocket-launching company has now completely shut down. Virgin Orbit’s asset sale, organised under the supervision of its bankruptcy court, raised just $36 million (€33.3m) which means that the […]

Virgin Orbit, in Chapter 11 bankruptcy protection, has asked its bankruptcy court to delay the deadline for prospective bidders to make their intentions known. Virgin Orbit says that more time was needed to iron out some details and to give more time to get a deal done. Virgin Orbit had originally set May 14th for […]

Sir Richard Branson’s Virgin Galactic space tourism aircraft – not to be confused with Virgin Orbit which is in Chapter 11 bankruptcy – is flying again. Virgin Galactic’s SpaceShipTwo made its first flight in almost two years on April 26th. It last flew with Branson aboard in July 2021. The aircraft combination comprising its SpaceShipTwo’s […]

Virgin Orbit is already flying again despite its Chapter 11 bankruptcy. At least one test flight has taken place since the bankruptcy was put in place. However, Virgin Orbit’s CEO Dan Hart has admitted that he and the business had made mistakes. Hart said that some key financial and operational “missteps” meant the company had […]

Virgin Orbit says it wants to exit its Chapter 11 bankruptcy protection by the end of May. The rocket-launching company moved into its ‘Debtor in Possession’ mode on April 4th with fresh cash (of $31.6 million) coming from Sir Richard Branson’s Virgin Investments company. Virgin Orbit, in a 78-page motion to its bankruptcy court, supplied […]

Virgin Orbit’s outgoing COO Tony Gingiss had some tough words for his fellow company leaders in a company-wide email obtained by news channel CNBC. The New York NASDAQ index is also suspending the company’s stock listing, effective April 13th. Although Gingiss doesn’t name CEO Dan Hart by name in his memo, or main backer Sir […]

Struggling satellite launch company Virgin Orbit, backed by entrepreneur Sir Richard Branson, has filed for Chapter 11 bankruptcy in the US. The move to a Chapter 11 bankruptcy allows the affected company to stay active, although under a Court’s administration, while it – hopefully – secures fresh funding and permits a reconstruction of the business. […]