Virgin Orbit, the satellite launch provider founded by Richard Branson, has confirmed it is shutting down after selling its facility leases and equipment to three aerospace companies following bankruptcy.
that Virgin Orbit, a pioneer in satellite launch services, announced its closure after selling its equipment and facility leases to three aerospace firms in the wake of bankruptcy. Virgin Orbit, which Sir Richard Branson founded as a spin-off from Virgin Galactic in 2017, made significant advancements in the space industry. However, the business experienced financial issues, which slowed execution and made it challenging to raise money.
“As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders,” the company said in a statement. “Virgin Orbit’s legacy in the space industry will forever be remembered. Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry.
“With Neutron’s design and development well-advanced, this transaction represents a capital expenditure savings opportunity to augment our production capability to bring Neutron to the launch pad quickly to serve our customers and their future success,” said Rocket Lab founder and CEO Peter Beck. Despite the company’s notable accomplishments, which included launching six missions since 2020 and successfully entering orbit with a privately developed launch vehicle, Virgin Orbit struggled with money problems. The business was forced to halt operations and lay off almost all of its employees before filing for Chapter 11 bankruptcy protection in April.
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