Virgin Orbit pauses operations because of funding problems
Posted: Wed, Mar 22, 2023, 9:18 PM ET (0118 GMT)
Virgin Orbit announced late March 15 it was temporarily halting operations and furloughing staff. The small launch vehicle company announced a "company-wide operational pause" starting Thursday and lasting through at least the middle of next week as it works to secure new financing. The company had raised $60 million in debt from Virgin Investments Ltd. in four rounds, most recently at the end of February, as its cash reserves dwindled and it worked to resolve the failure of its most recent LauncherOne mission in January. The company noted in the statement announcing the pause that the failure investigation is "nearly complete" and it was in the final stages of production of its next rocket.
Virgin Orbit announced late March 15 it was temporarily halting operations and furloughing staff. The small launch vehicle company announced a "company-wide operational pause" starting Thursday and lasting through at least the middle of next week as it works to secure new financing. The company had raised $60 million in debt from Virgin Investments Ltd. in four rounds, most recently at the end of February, as its cash reserves dwindled and it worked to resolve the failure of its most recent LauncherOne mission in January. The company noted in the statement announcing the pause that the failure investigation is "nearly complete" and it was in the final stages of production of its next rocket.
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