The corporate’s modified 747 jet “Cosmic Woman” in Mojave, California.
Virgin Orbit on Tuesday filed for Chapter 11 chapter safety within the U.S. after failing to safe a funding lifeline.
“Whereas we now have taken nice efforts to handle our monetary place and safe extra financing, we in the end should do what’s greatest for the enterprise,” Dan Hart, CEO of Virgin Orbit, said in a press release.
“We imagine that the cutting-edge launch expertise that this group has created can have large attraction to consumers as we proceed within the course of to promote the Firm. At this stage, we imagine that the Chapter 11 course of represents the very best path ahead to establish and finalize an environment friendly and value-maximizing sale,” Hart stated.
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