Virgin Orbit files for bankruptcy protection
Posted: Sat, Apr 8, 2023, 9:40 AM ET (1340 GMT)
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.
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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