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Richard Branson - 1 Branson - 1
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Search resuls for: "Virgin Investments"


8 mentions found


☆ Virgin Galactic shares plunge in premarket after Branson rules out further investment
  + stars: | 2023-12-04 | by ( Elliot Smith | ) www.cnbc.com   time to read: +1 min
In this photo illustration, British billionaire Richard Branson is seen on a fragment of a Virgin Galactic Unity 22 Spaceflight Livestream Youtube video displayed on a smartphone with the Virgin Galactic logo in the background. Virgin Galactic shares plunged more than 14% in premarket trade on Monday, after British billionaire Richard Branson ruled out further investment in the company. ET, Virgin Galactic shares dropped 14.1% in out-of-hours trading. The group estimated that its current funding would carry it through to 2026, when Delta is scheduled to enter service. Virgin Investments remains the second-largest shareholder in Virgin Galactic, according to LSEG data, with a 7.69% holding, behind the 8.43% of State Street Global Advisors.
Persons: Richard Branson, Branson Organizations: Virgin Galactic, Financial, Virgin, Branson, Virgin Investments, Street Global Advisors Locations: Delta, Virgin
☆ Virgin Orbit: Richard Branson's rocket company files for bankruptcy
  + stars: | 2023-04-04 | by ( Anna Cooban | ) edition.cnn.com   time to read: +1 min
London CNN —Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy in the United States. The California-based company said in a statement Monday that it had filed for Chapter 11 bankruptcy, meaning that it can continue doing business while it restructures its debts. The announcement comes just days after Virgin Orbit said it would lay off about 85% of its workforce to reduce expenses since it could not secure additional funding. The company was founded in 2017 to make small rockets, called LauncherOne, that can deliver lightweight satellites to orbit quickly and cheaply. Virgin Orbit ran into trouble in January when one of its rockets failed to make it to orbit because its engine overheated.
☆ Richard Branson's Virgin Orbit rocket firm files for bankruptcy
  + stars: | 2023-04-04 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +2 min
Richard Branson's Virgin Orbit rocket firm has filed for Chapter 11 bankruptcy. Virgin Investments, another of Branson's firms, provided $31.6 million in fresh funds to Virgin Orbit while it seeks a new buyer, according to the company statement. Branson and the Virgin Group have supported Virgin Orbit over the long term, investing more than $1 billion in the Company — including $60 million since November 2022, according to a company spokesperson. "However, this significant funding was not enough to counter the strong headwinds and liquidity challenges Virgin Orbit continues to face," the spokesperson added. Founded by Branson in 2017, Virgin Orbit went public in a SPAC merger in 2021.
☆ Virgin Orbit files for Chapter 11 bankruptcy protection in the U.S.
  + stars: | 2023-04-04 | by ( Sam Meredith | ) www.cnbc.com   time to read: +2 min
Virgin Orbit on Tuesday filed for Chapter 11 bankruptcy protection in the U.S. after failing to secure a funding lifeline. The California-based satellite launch company lodged the filing in the U.S. Bankruptcy Court in the District of Delaware and is looking to sell its assets. Virgin Orbit said Virgin Investments would provide $31.6 million in new money through debtor-in-possession financing to help fund the process and protect its operations. Virgin Orbit developed a system that uses a modified 747 jet to send satellites into space by dropping a rocket from under the aircraft's wing mid-flight. Virgin Orbit is among a select few U.S. rocket companies to successfully achieve orbit with a privately developed launch vehicle.
☆ Branson's Virgin Orbit files for bankruptcy, to seek buyer
  + stars: | 2023-04-04 | by ( Joey Roulette | ) www.reuters.com   time to read: +4 min
Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson's space tourism firm Virgin Galactic in 2017, Virgin Orbit air-launches rockets from beneath a modified Boeing (BA.N) 747 plane to send satellites into orbit. Virgin Orbit's strategy has been that launching small rockets from a 747 in flight would allow for short-notice launches from anywhere. Virgin Investments, a unit of Virgin Group, will provide $31.6 million in new money to Virgin Orbit through debtor-in-possession financing to fund operations while it looks for a buyer in bankruptcy, the companies said. Virgin Orbit's bankruptcy filing showed its largest creditor as London-based Arqit Ltd, which was owed almost $10 million for services and as a customer deposit.
☆ Virgin Orbit says space startup in talks with potential investors
  + stars: | 2023-03-23 | by ( ) www.reuters.com   time to read: +3 min
March 23 (Reuters) - Billionaire Richard Branson's cash-strapped satellite launch company Virgin Orbit Holdings (VORB.O) said on Thursday it is in talks with "interested parties" about an investment in the company. "As we disclosed on March 16, the company has taken cash preservation measures as it explores strategic options to secure Virgin Orbit's future," Virgin Orbit said in a statement. "The company can confirm that it is in discussions with interested parties about a potential investment in the company," Virgin Orbit added. Brown, who describes himself as a "space enthusiast" who has invested in more than 13 space companies, told CNBC he would own Virgin Orbit if the deal closes. Virgin Orbit said on Wednesday it would resume operations on Thursday and prepare for its next mission by recalling some employees.
☆ Exclusive: Virgin Orbit near deal to raise $200 million from Matthew Brown
  + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com   time to read: +2 min
WASHINGTON, March 22 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings Inc (VORB.O) is near a deal for a $200 million investment from Texas-based venture capital investor Matthew Brown via a private share placement, according to a term sheet seen by Reuters. Virgin Orbit and Matthew Brown are aiming to close the deal on Friday, according to the term sheet, which is not binding and remains subject to final agreement. Virgin Orbit was not immediately available to comment, while Matthew Brown Companies did not respond immediately to a request for comment. Under the deal, Matthew Brown will be entitled to convert his $200 million investment in Virgin Orbit's preferred shares into common shares at the volume weighted average price in the 30 days before the deal is signed. Reuters reported on Tuesday that Virgin Orbit plans to recall a small team from the furlough on Thursday to work on rocket upgrades.
☆ Exclusive: Virgin Orbit near deal to raise $200 mln from Matthew Brown - term sheet
  + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com   time to read: +3 min
WASHINGTON, March 22 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings Inc (VORB.O) is nearing a deal for a $200-million investment from Texas-based venture capital investor Matthew Brown via a private share placement, according to a term sheet seen by Reuters. Matthew Brown Companies did not immediately respond to a request for comment. Virgin Orbit and Matthew Brown are aiming to close the deal on Friday, according to the term sheet, which is not binding and remains subject to final agreement. Virgin Orbit's board agreed to move forward with the deal at a meeting held on Tuesday, according to a person with direct knowledge of the matter. Under the deal, Matthew Brown will be entitled to convert his $200 million investment in Virgin Orbit's preferred shares into common shares at the volume weighted average price in the 30 days before the deal is signed.
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