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☆ AstroForge: How this startup plans to make asteroid mining a reality.
▼ + stars: | 2024-04-23 | by ( Amy Gunia | ) edition.cnn.com time to read: +11 min

Now the California-based startup is attempting to make asteroid mining a reality. That makes AstroForge the only company with a refinery that can turn M-type asteroids into PGMs in space, he adds. Some in the scientific community are skeptical that the private sector will be able to afford asteroid mining. Its all-or-nothing, lower-cost approach may help push asteroid mining closer to reality. “I hope if nothing else,” Gialich says, “we’re known as a space company that went for it.”

Persons: Matt Gialich, Gialich, Jose Acain, “, ”, we’re, “ We’re, AstroForge, Edward Carreon, “ that’s, –, Dan Britt, REx, James Cameron, Larry Page, Britt, “ I’m, ” Gialich, NASA's, Aubrey Gemignani, ” Britt, AstroForge’s Organizations: CNN, Virgin, SpaceX, NASA, Companies, Apple, Center, University of Central, JAXA, United, United Arab Emirates ’ Space Agency, UAE Space Agency, AP NASA, Planetary Resources, Titanic, Google, NASA's Kennedy Space Center, Getty Locations: California, University of Central Florida, China, United Arab, United Arab Emirates, Utah, Los Angeles, Florida

☆ A handful of space companies are running out of cash and time. Here are three at risk
▼ + stars: | 2024-01-27 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +4 min

A flurry of about a dozen space companies went public over the last few years. SidusSidus Space is a little-known space company that went the traditional IPO route in late 2021 and began trading on the Nasdaq at a near $200 million valuation. But it had less than $2 million in cash at the end of September, trading at a near $9 million valuation according to FactSet. Elsewhere in spaceA fourth space company in a potentially precarious spot is satellite imagery company Satellogic . Overall, investment in the space sector bounced back in 2023, with companies bringing in $12.5 billion in investment last year.

Persons: Here's, Momentus, there's, Sidus, Satellogic, hasn't Organizations: Astra, Astra Astra, Nasdaq, CNBC, Terran

☆ Is the UK space industry about to take off?
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: +1 min

The failure of Virgin Orbit's maiden commercial satellite launch from British soil, and the company's subsequent filing for bankruptcy protection, may have seemed like a fatal blow for the U.K.'s nascent space sector. But a range of companies hope to play a key role in the business of building, launching and operating satellites, a $281 billion industry which has been growing rapidly over the past decade. Billionaire-backed companies like Elon Musk's SpaceX, Jeff Bezos's Blue Origin and Richard Branson's Virgin Orbit have been revolutionizing the space industry over the last decade, which has seen advances in re-usable rockets, the deployment of thousands of small communication satellites and new launch sites opened. To find out how smaller U.K.-based firms are looking to compete, CNBC visited a spaceport being built in the far north of the Shetland Islands, an established satellite-builder and a startup aiming to see one of its re-usable satellites finally make it into space.

Persons: Virgin, Jeff Bezos's, Richard Branson's Virgin Organizations: Elon, SpaceX, CNBC Locations: Shetland

☆ Spain's PLD Space expects first orbital launch in Q1 2026 from French Guiana
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

PLD Space/Handout via REUTERS/File Photo Acquire Licensing RightsMADRID, Oct 20 (Reuters) - Spanish rocket company PLD Space plans a first orbital launch from French Guiana in the first quarter of 2026, after it carried out the first fully private European rocket launch earlier this month, it said on Friday. PLD will use the data gathered with the 30 million euro ($32 million) suborbital test to develop the larger Miura-5, a full orbital launcher. So far, they have identified 1,000 elements for improvement to develop Miura-5, it said. PLD Space said it expects to sign the first binding agreements with clients next year. Europe's efforts to develop capabilities to send small satellites into space are in focus after a failed orbital rocket launch by Virgin Orbit from Britain in January.

Persons: Miura, Raul Torres, Raul Verdu, Emma Pinedo, Inti Landauro, Hugh Lawson Organizations: El, REUTERS, Rights, Spanish, Miura, Virgin Orbit, Boeing, Thomson Locations: Huelva, Spain, Rights MADRID, French Guiana, Guiana, Madrid, Britain

☆ Spain's PLD Space launches private reusable rocket in milestone for Europe
▼ + stars: | 2023-10-07 | by ( Aislinn Laing | ) www.reuters.com time to read: +3 min

MADRID, Oct 7 (Reuters) - Spanish company PLD Space launched its reusable Miura-1 rocket early on Saturday from a site in southwestern Spain, carrying out Europe's first fully private rocket launch and offering hope for the continent's stalled space ambitions. The Miura-1 rocket, named after a breed of fighting bulls, is as tall as a three-storey building and has a 100-kg (220-pound) cargo capacity. A first attempt to launch the Miura-1 rocket in May was abandoned due to strong high-altitude winds. Competitors lining up to join the race to launch small payloads include companies in Scotland, Sweden and Germany. In July, the last launch of Europe's largest rocket, the premier Ariane 5 space launcher, took place at the European spaceport in Kourou, French Guiana.

Persons: Miura, Italy's Vega, Vega, Aislinn Laing, David Alire Garcia, Valentine Hilaire, Will Dunham Organizations: Space, Virgin Orbit, Boeing, Competitors, Ariane, European Space Agency, Thomson Locations: MADRID, Spanish, Spain, Huelva, Britain, Scotland, Sweden, Germany, Kourou, French Guiana, Europe, Russia, Ukraine

☆ Spain's PLD Space counts down to test rocket launch from Europe
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +3 min

PLD Space/Handout via REUTERS/File Photo Acquire Licensing RightsMADRID, Oct 6 (Reuters) - Spanish startup PLD Space will attempt a test launch of its reusable Miura-1 rocket early on Saturday, spearheading a new generation of 'microlaunchers' after an aborted attempt in June. The rocket is due to lift off on its suborbital test mission at 2 a.m Spanish time on Saturday (0000 GMT) from Huelva in southwest Spain, marking what its designers say will be Europe's first fully private rocket launch. "The day has arrived," Raul Torres, PLD Space chief executive and co-founder of PLD Space, wrote on social media platform X, previously known as Twitter. Europe's efforts to develop capabilities to send small satellites into space are in focus after a failed orbital rocket launch by Virgin Orbit from Britain in January. In July, the last launch of Europe's largest rocket, the premier Ariane 5 space launcher, took place at the European spaceport in Kourou, French Guiana.

Persons: Raul Torres, Space's Miura, Italy's Vega, Vega, Emma Pinedo, Tim Hepher, Tim Hepther, Aislinn Laing, Edmund Blair Organizations: REUTERS, Rights, Spanish, Space, Twitter, Virgin Orbit, Boeing, Ariane, European Space Agency, Thomson Locations: El, Huelva, Spain, Rights MADRID, Britain, Europe, Russia, Scotland, Sweden, Germany, Kourou, French Guiana

☆ Spain's PLD Space Counts Down to Test Rocket Launch From Europe
▼ + stars: | 2023-10-06 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

MADRID (Reuters) - Spanish startup PLD Space will attempt a test launch of its reusable Miura-1 rocket early on Saturday, spearheading a new generation of 'microlaunchers' after an aborted attempt in June. "The day has arrived," Raul Torres, PLD Space chief executive and co-founder of PLD Space, wrote on social media platform X, previously known as Twitter. Europe's efforts to develop capabilities to send small satellites into space are in focus after a failed orbital rocket launch by Virgin Orbit from Britain in January. PLD Space's Miura-1 rocket, named after a breed of fighting bulls, is as tall as a three-storey building and has a 100-kg (220-pound) cargo capacity. Competitors lining up to join the race to launch small payloads include companies in Scotland, Sweden and Germany.

Persons: Raul Torres, Space's Miura, Italy's Vega, Vega, Emma Pinedo, Tim Hepher, Tim Hepther, Aislinn Laing, Edmund Blair Organizations: Spanish, Space, Twitter, Virgin Orbit, Boeing, Ariane, European Space Agency Locations: MADRID, Huelva, Spain, Britain, Europe, Russia, Scotland, Sweden, Germany, Kourou, French Guiana

☆ Japan's MUFG Bank, two others lead $290 mln Sierra Space fundraising -Nikkei
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Sept 26 (Reuters) - MUFG Bank is among three Japanese firms leading a $290-million fundraising round for U.S. spaceship company Sierra Space, spearheading a commercial "spaceport" project in the southwestern region of Oita, the Nikkei daily said on Tuesday. A spokesperson of Tokio Marine & Nichido Fire, a unit of Tokio Marine Holdings (8766.T), confirmed that the three companies formed a strategic partnership with Sierra, but declined to elaborate on their investments. Sierra Space, spun off in 20221 from billionaire-owned Sierra Nevada Corp, is among a handful of space industry players attempting to build a private space station that NASA hopes will replace the two decade-old International Space Station by 2030. The Oita project took a hit this year from the bankruptcy of another U.S. space company Virgin Orbit , which had partnered with airline ANA Holdings (9202.T). MUFG Bank, one of Japan's three biggest, has invested in domestic space startups such as orbital debris-removal firm Astroscale.

Persons: Sierra, inc's, Kantaro Komiya, Clarence Fernandez Organizations: MUFG, Space, Nikkei, SpaceX, MUFG Bank, Tokio Marine, Tokio Marine Holdings, Sierra, Mitsubishi UFJ, Kanematsu Corp, CNBC, Sierra Nevada Corp, NASA, Japan Airlines, Orbit, ANA Holdings, Mitsui Sumitomo Insurance, Japan Aerospace Exploration, SLIM, Thomson Locations: TOKYO, Oita, Sierra, Kanematsu, Asia's, Japan

☆ Rocket Lab's latest mission ends abruptly after lift-off, shares tank
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

Sept 19 (Reuters) - Shares of Rocket Lab USA (RKLB.O) slumped around 26% in premarket trading on Tuesday after the space company's latest mission ended about 2-1/2 minutes following launch due to an undisclosed issue. Mission failures weigh heavily on smaller rocket companies that carry payloads for space exploration startups. Virgin Orbit, founded by billionaire Richard Branson, filed for bankruptcy in April after its rocket failed to reach orbit in January. Its Electron rocket was carrying satellites for American space tech company Capella Space, which provides radar and Earth observation technology. Rocket Lab said last week it signed a deal for four launches with defense contractor Leidos (LDOS.N), scheduled across 2024 and 2025.

Persons: Richard Branson, Leidos, Zaheer Kachwala, Devika Organizations: Lab, FAA, Federal Aviation Administration, Orbit, Capella Space, Thomson Locations: Bengaluru

☆ Focus: US space startups' latest struggles marked by layoffs, shake-ups
▼ + stars: | 2023-08-15 | by ( Joey Roulette | ) www.reuters.com time to read: +4 min

REUTERS/Mike Blake/File PhotoWASHINGTON, Aug 15 (Reuters) - U.S. space startups have slashed workforces and restructured operations to survive amid an investment drought that has grounded once-lofty aspirations. Those struggles follow the April bankruptcy filing by satellite launch firm Virgin Orbit, which was owned by billionaire Richard Branson. "The focus for investors in this space is very different than what it was a couple years ago. The financial headwinds faced by rocket startups have triggered pain elsewhere as well. It shifted much of its focus to government defense programs as its commercial customers face tight capital markets, CEO Laurienti said.

Persons: Mike Blake, Jeff Bezos, Richard Branson, Joe Laurienti, Caleb Henry, Chris Kemp, Will Marshall, Quilty's Henry, Laurienti, Joey Roulette, Ben Klayman, Matthew Lewis Organizations: REUTERS, Elon, SpaceX, Astra, Labs, Ursa, Reuters, Planet Labs, Thomson Locations: Long Beach , California, U.S, Denver, Washington

☆ Rocket Lab's stock has doubled this year — and Deutsche Bank sees it climbing even higher
▼ + stars: | 2023-07-19 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Rocket Lab's stock has been on a tear, more than doubling this year. Deutsche has a buy rating on Rocket Lab and a $10 price target that is nearly 28% above Tuesday's close of $7.83 a share. Rocket Lab's stock is up 107% year to date. Deutsche expects Rocket Lab's revenue and profitability to continue to climb, thanks to more launches by its Electron rocket. Additionally, Yu highlighted Rocket Lab's recent purchase of former Virgin Orbit assets — bought at an 80% discount in an auction.

Persons: Edison Yu, Yu, —, – CNBC's Michael Bloom Organizations: Deutsche Bank, Rocket, Deutsche, Space, Electron, Apple, SpaceX, United Launch Alliance, Virgin Orbit

The Austin-based rocket builder and in-space services company is close to announcing the closure of an oversubscribed capital raise, its CEO Bill Weber told CNBC's Manifest Space. Firefly can currently launch its medium-launch rocket, Alpha, every two months. "Alpha has a demand signature for the next three to four years, which is more than good enough for what we want to do with it," Weber told CNBC. Weber told CNBC the company is also in talks with the intelligence community about classified payloads. The macro environment, which has largely stunned public space companies, will help to decide timing.

Persons: Firefly's, Bill Weber, CNBC's, Weber, Morgan Brennan, Lockheed Martin, Northrop Grumman Organizations: Firefly's Alpha, Vandenberg Space Force Base, Alpha, Firefly Aerospace, CNBC, Spaceflight Inc, Virgin Orbit, U.S . Space Force, Systems, NASA, Lockheed, Antares Locations: Austin, Austin , Texas, North Carolina, Ukraine, Russian

☆ Spanish rocket company PLD Space signs deal with France's Arianespace
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

MADRID, June 14 (Reuters) - Spanish startup PLD Space has signed a memorandum of understanding with France's Arianespace to develop joint services to launch small satellites into orbit, the Spanish company said on Wednesday. The agreement will allow PLD Space to offer its customisable services to Arianespace customers, it said in a statement. It plans to gradually increase its capacity to 10 to 12 launches per year by the end of this decade. Europe's efforts to develop capabilities to send small satellites into space are in focus after a failed orbital rocket launch by Virgin Orbit from Britain in January. Arianespace, which launches satellites from French Guiana, is majority owned by ArianeGroup, a joint venture between Airbus (AIR.PA) and Safran (SAF.PA).

Persons: France's Arianespace, Ezequiel Sanchez, Safran, Emma Pinedo, Inti Landauro, Mark Potter, Richard Chang Organizations: Virgin Orbit, ArianeGroup, Airbus, Thomson Locations: MADRID, Spanish, Spain, Britain, Guiana

☆ Rocket maker Firefly buys on-orbit servicing company Spaceflight
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

June 8 (Reuters) - Rocket maker Firefly Aerospace, founded by a former SpaceX engineer, said on Thursday it has acquired launch services company Spaceflight Inc in a push to boost its on-orbit servicing capabilities. Firefly is a space transportation company that helps customers such as NASA and General Atomics with launch, lunar and in-space services, while Spaceflight offers servicing for satellites and other spacecraft while in orbit. Demand has also shifted from launching a few satellites on small rockets to launching swarms of satellites at once using bigger rockets such as the ones made by SpaceX. Texas-based Firefly is trying to mass-produce its medium-sized rocket, while developing a larger launcher under a new partnership with Northrop Grumman (NOC.N). Firefly is among a handful of U.S. space companies vying to launch small satellites into space.

Persons: Atomics, Samrhitha, Devika Organizations: Firefly Aerospace, SpaceX, Spaceflight Inc, NASA, Spaceflight, Virgin Orbit, SpaceX ., Northrop Grumman, Industrial Partners, Thomson Locations: U.S, SpaceX . Texas, Bellevue , Washington, Bengaluru

☆ Google leads funding round for Indian space startup Pixxel
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, June 1 (Reuters) - Alphabet Inc's (GOOGL.O) Google is leading a $36 million funding round for Bengaluru-based Pixxel, a satellite-image startup, in the first major investment in the Indian space sector since the government launched its privatisation policy in April. Pixxel did not specify how much Google had invested or the valuation it reflected. Founder and Chief Executive Awais Ahmed said Pixxel would be "the most valued space tech company in India after this investment". Space startups, in particular, have come under pressure after the bankruptcy of Richard Branson's Virgin Orbit launch company. Ahmed has said he was inspired to launch a space startup from a visit Elon Musk's SpaceX as part of a student competition to build a demonstration "hyperloop" transport pod.

Persons: Pixxel, Awais Ahmed, Ahmed, Richard Branson's Virgin, Kshitij Khandelwal, Nivedita, Kevin Krolicki, Christopher Cushing Organizations: Google, Miner Rio Tinto Ltd, Accenture PLC, Skyroot Aerospace, Reuters, Space, Richard Branson's Virgin Orbit, Elon, SpaceX, Thomson Locations: BENGALURU, Bengaluru, Miner Rio, India

☆ Spain's PLD Space calls off test rocket launch citing high altitude winds
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

PLD Space's test is set to be its first step in the race to put small satellites into space and capture a slice of a potential trillion-dollar market. The launch from a military aerospace research centre in Huelva, southern Spain, would have been the first in Western Europe by a private company. Europe's efforts to develop capabilities to send small satellites into space are in focus after a failed orbital rocket launch by Virgin Orbit from Britain in January. PLD Space's "Miura 1" rocket, named after a breed of fighting bulls, is as tall as a three-storey building and has a 100-kg (220-lb) cargo capacity. Reporting by Jon Nazca and Inti Landauro Editing by Emma Pinedo and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Miura, Read, Jon Nazca, Emma Pinedo, Mark Potter Organizations: Virgin Orbit, Inti, Thomson Locations: Spanish, El, Almonte, Huelva, Spain, HUELVA, Western Europe, Britain, French Guiana

☆ Virgin Galactic launches high-stakes flight carrying passengers to the edge of space
▼ + stars: | 2023-05-25 | by ( Jackie Wattles | ) edition.cnn.com time to read: +7 min

The space plane is designed to then detach from the mothership, fire its rocket engine and swoop straight up with its two pilots at the controls. Virgin Galactic confirmed just before 12:30 p.m. The space plane then coasted back to a landing back at New Mexico’s Spaceport America. The SpaceShipOne technology was parlayed into a larger space plane design, called SpaceShipTwo, which Virgin Galactic still flies today. Virgin Orbit, a sister company to Virgin Galactic that is focused on launching satellites to space on a small rocket, filed for bankruptcy in April.

☆ Virgin Orbit enters $17 million 'stalking horse' bid to sell aircraft assets
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Bankrupt satellite launch company Virgin Orbit said on Tuesday it entered into a "stalking horse" agreement with Stratolaunch to sell mainly its aircraft assets, including the "Cosmic Girl" carrier aircraft, for $17 million in cash. A stalking horse bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the asset or company. In a court filing, Virgin Orbit said the bid does not prevent going concern bidders from making bids for all its assets, including the ones Stratolaunch is bidding for. The company said the bankruptcy marketing process has also generated considerable interest in its assets other than carrier aircraft. Virgin Orbit, founded by billionaire Richard Branson, filed for Chapter 11 bankruptcy protection in April after the company struggled to secure long-term funding following a failed satellite launch in January.

☆ Virgin Orbit enters "stalking horse" bid to sell aircraft assets for $17 mln
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

May 16 (Reuters) - Bankrupt satellite launch company Virgin Orbit said on Tuesday it has entered into a "stalking horse" agreement with Stratolaunch to sell mainly its aircraft assets, including the "Cosmic Girl" carrier aircraft, for $17 million in cash. A stalking horse bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the company. In a court filing, Virgin Orbit said the bid does not prevent going concern bidders from making bids for all its assets, including the ones which Stratolaunch is bidding for. Reporting by Shubham Kalia in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Orbit receives $17 million bid for rocket-carrying aircraft in bankruptcy court
▼ + stars: | 2023-05-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Bankrupt rocket company Virgin Orbit received a $17 million "stalking horse" bid for its modified 747 carrier jet and other aircraft assets, as it continues to examine options during Chapter 11 court proceedings. A stalking horse bid represents the first foray on assets of a bankrupt company, and effectively sets the minimum bid for any potential competing offers. According to bankruptcy filings released Tuesday, the stalking horse agreement followed "hard-fought negotiations" between the companies. Virgin Orbit filed for bankruptcy protection on April 4 after the company failed to secure a funding lifeline and laid off nearly its entire workforce. Virgin Orbit previously disclosed that it received "over 30 indications of interest" during its bankruptcy process, with the company continuing to look for a wholesale deal.

☆ Virgin Galactic set for first spaceflight since Richard Branson's trip two years ago
▼ + stars: | 2023-05-08 | by ( Jackie Wattles | ) edition.cnn.com time to read: +5 min

The flight, slated for late May, will carry two pilots and a crew of four Virgin Galactic employees, the company announced Monday. If all goes well, Virgin Galactic expects to begin commercial services out of its spaceport in New Mexico in late June. At the time Virgin Galactic went public in 2019, it had also been touting plans to start commercial service in 2020. They include two pilots — CJ Sturckow and Mike Masucci — as well as four Virgin Galactic employees who will ride in the passenger cabin. Virgin Orbit, a sister company to Virgin Galactic that is focused on launching satellites to space on a small rocket, filed for bankruptcy in April.

☆ Virgin Orbit: How Richard Branson’s Satellite Startup Went Bankrupt
▼ + stars: | 2023-05-05 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Why Starship’s Explosion Is Part of SpaceX’s Process SpaceX’s Starship exploded minutes into its first flight into space, but the fiery ending wasn’t entirely unexpected. Here’s what led up to Starship’s inaugural flight, and what the explosion could mean for SpaceX going forward. Illustration: Jordan Kranse

☆ SpaceX and Rocket Lab are the only consistent and reliable launch companies as other space stocks have trouble raising capital, Bank of America says
▼ + stars: | 2023-04-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Meanwhile, most other companies have had trouble raising capital in the risk-averse environment. "Fast forward to 2023, and there are truly only two launch companies that have proven consistent and reliable operations, only one of which is publicly traded Rocket Lab," analysts wrote. "When presented this reality, most satellite companies expressed their reluctance to being over reliant on certain launch companies, namely SpaceX." But other launch companies like Richard Branson's firm Virgin Orbit have run into trouble. "Also, contrary to popular belief, the space industry is not blind to the importance of profitability, and most are aggressively seeking this milestone," the note added.

The steep drop in fresh capital has left many companies in a vulnerable state, while the failure of Silicon Valley Bank, a leading provider of venture debt, has added to the challenge, a report by venture capital (VC) firm Space Capital said on Thursday. Space Capital's report, coming on the heels of a Chapter 11 filing from Richard Branson's Virgin Orbit Holdings Inc, tracked 89 companies active in the sector. The risk threshold to invest in space companies was much higher earlier, but given recent market uncertainty, investors may not be as risk-loving and space being a nascent sector, many are dialing back, Deutsche Bank analyst Edison Yu told Reuters separately. However, Space Capital added that companies in emerging industries, like those associated with the National Aeronautics and Space Administration's Artemis mission to the Moon are seeing an increased interest. Reuters GraphicsReporting by Akash Sriram and Tanya Jain in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Branson's Virgin Orbit files Chapter 11 bankruptcy plan
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Richard Branson, founder of Virgin Group, poses for a photograph on board of his new cruise liner, the Scarlet Lady at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon DawsonApril 19 (Reuters) - Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January. "We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the company," Dan Hart, chief executive of Virgin Orbit said in the statement. The company is seeking the sale of its assets, after laying off roughly 85% of its 750 employees.

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