A growing loss in trading is hardly surprising given that Virgin Galactic, the sub-orbital tourist rocket scheme, has been stuck on the ground these past two years. But that is about to change with a sub-orbital flight scheduled for late June (and a non-commercial flight due later in May) and following on from a successful […]
Virgin Orbit, currently going through a Chapter 11 Bankruptcy Protection, says there are 30 potential bidders to buy the business. Virgin Orbit is trading under ‘Debtor in Possession’ rules, with the operating cash provided by Sir Richard Branson’s overall holding company. Virgin Orbit, in a formal filing, says there are 30 “indications of interest” including […]
More Brits (50 per cent) admit that a reliable broadband connection is important to them than those who said going out for a meal (31 per cent), taking their partner on a date (28 per cent) or having access to streaming subscriptions (26 per cent) according to a survey by Virgin Media O2. The research […]
Virgin Orbit, in a filing to its Chapter 11 bankruptcy court, has set a deadline of May 4th for parties interested in acquiring the business to indicate their interest. Then, it has set May 14th to enter their formal bids. Additionally, May 9th has been set for a meeting of the company’s Creditors. Dan Hart, […]
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 […]
A report from analysts at Quilty Space (the former Quilty Analytics) takes a forensic look at the reasons behind the collapse of Sir Richard Branson’s Virgin Orbit, and reports on what contributed to the project’s failure and entry into Chapter 11 reconstruction. Quilty reminds readers that Virgin Orbit was unveiled back in 2012 and has […]
The Randox Grand National at Aintree on April 15th will be available to watch in all corners of the globe – and above it – with live coverage of the world’s most famous Jumps race also available on airlines. Working with The Jockey Club, which owns and operates Aintree Racecourse and stages the Randox Grand […]
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 […]
Barely 18 months ago, Virgin Orbit was valued at $3.7 billion. Its share price on March 31st valued the aircraft-based rocket launch business as being worth just $0.20 per share, and a market capitalisation of just $66 million. There seems little prospect of the business escaping bankruptcy. Virgin Orbit has laid off almost all of […]
Sir Richard Branson’s Virgin Galactic business has reported a significant trading loss for 2022. The company said it remained “on track” to start carrying paying passengers in its space tourism business despite racking up $500 million in losses last year. The losses, specifically at Virgin Galactic Holdings, amount to $500 million compared to a loss […]