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Virgin Orbit files for bankruptcy protection
Posted: Sat, Apr 8, 2023, 9:40 AM ET (1340 GMT)
Virgin Orbit LauncherOne drop test (Virgin Orbit) Virgin Orbit filed for Chapter 11 bankruptcy this morning. The launch company said it filed for Chapter 11 in the U.S. Bankruptcy Court in Delaware to provide a "swift conclusion" to a sale process after failing to find financing in recent weeks. Virgin Orbit lined up $31.6 million in debtor-in-possession financing from Virgin Investments Limited, which has previously provided more than $70 million in loans to the company. In an SEC filing Monday about a delayed Form 10-K submission, Virgin Orbit said it recorded a net loss of $191.2 million in 2022 with only $33.1 million in revenue.
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