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☆ Virgin Galactic surges 47% as Richard Branson's space tourism company preps first commercial flight
▼ + stars: | 2023-06-16 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Shares of Virgin Galactic soared on Friday on news the company was readying commercial flights. After years of delays, the first flight will take place on June 27, with another scheduled for August. The stock spiked 47% Friday, but is still trading far below highs reached in 2021. Billionaire Richard Branson's space company announced that the first flight, dubbed Galactic 01, is scheduled between June 27 and June 30. Virgin Galactic is trading far below highs reached in 2021, when the stock was trading at nearly $60 per share.

Persons: —, Richard Branson's, Branson, Virgin Galactic's Organizations: Virgin Galactic, Service, Wall Street, Galactic, Virgin Locations: Thursday's

☆ 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

☆ Virgin Galactic completes Unity 25 spaceflight in key final test before commercial service
▼ + stars: | 2023-05-25 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +5 min

Virgin Galactic did not publicly livestream the flight unlike the previous one that carried founder Sir Richard Branson in July 2021. ET, carrying the company's VSS Unity spacecraft up to an altitude of about 40,000 feet. Virgin Galactic previously said it aims to fly its first commercial mission in "late June," assuming a successful test flight on Thursday. Virgin GalacticUnity 25 represents a crucial moment in the history of Virgin Galactic, which has suffered repeated setbacks and years of delays in developing its spaceflight system. Virgin Galactic has yet to generate meaningful revenue, and needs to be flying spaceflights regularly in order to do so.

☆ 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 targets May 25 for first spaceflight since Richard Branson's trip
▼ + stars: | 2023-05-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Virgin Galactic is targeting as early as May 25 for the launch of its next spaceflight, which marks both its first in nearly two years since flying founder Sir Richard Branson and its planned last step before beginning commercial service. Called Unity 25, the mission represents the company's fifth spaceflight to date, launching out of Spaceport America in New Mexico. It is a "final assessment" flight, with six Virgin Galactic employees onboard for a short trip to the edge of space. In-house pilots Mike Masucci and CJ Sturckow will fly spacecraft VSS Unity, while Jameel Janjua and Nicola Pecile will fly carrier aircraft VMS Eve. Depending on the outcome and data gathered from Unity 25, the company aims to fly its first commercial mission in "late June."

A Virgin Australia spokesperson confirmed the contents of the internal email. A Bain Capital spokesperson declined to comment. "I can also confirm the IPO planning is well advanced," Cotton said in the email to staff seen by Reuters. Virgin Australia Chief Executive Jayne Hrdlicka said on Monday that she would take several weeks of leave to spend time with family after the death of her husband from cancer. Bain Capital bought Virgin Australia in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy.

☆ 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.

☆ Singapore executes citizen for cannabis trafficking
▼ + stars: | 2023-04-26 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, April 26 (Reuters) - Singapore on Wednesday executed a man convicted of drug trafficking, a representative for his family said, despite pleas from his relatives and activists for clemency. Tangaraju Suppiah, 46, had been convicted for abetting the trafficking in 2013 of more than 1 kg (2.2 pounds) of cannabis, double the threshold for the death penalty in the city-state, which is known for its tough laws on narcotics. The Singapore government did not immediately respond to a request for comment. The United Nations Office for Human Rights had also called for Singapore not to proceed with the execution and to "adopt a formal moratorium on executions for drug-related offences". Singapore executed 11 people last year and says the death penalty is an effective deterrent against drugs and that most of its people support the policy.

☆ 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.

☆ 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.

☆ Analysis: Rocket startups face adapt-or-die moment amid investment drought
▼ + stars: | 2023-04-17 | by ( Joey Roulette | ) www.reuters.com time to read: +5 min

Venture investment in space startups has dropped 50% year-over-year in 2022 to $21.9 billion, according to VC firm Space Capital. Astra Space (ASTR.O), which ditched its small Rocket 3.3 for a planned, larger Rocket 4 in the next few years, has struggled to bring its stock price above $1, facing delisting threats from Nasdaq. Despite the startups' struggles, launch demand has soared after sanctions following Russia's invasion of Ukraine cut off access to Russian rockets. Recent failures with Europe's Arianespace's Vega-C rocket have added to demand in the U.S., outstripping the number of available rockets. Private plans to deploy mega-constellations, vast swarms of satellites in low-Earth orbit, have also given launch startups hope for future demand.

☆ Virgin Orbit was a promising company that could never find a working business model
▼ + stars: | 2023-04-16 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +2 min

Virgin Orbit started as a program of Richard Branson's Virgin Galactic in 2012, before being spun off into a separate company five years later. But Virgin Orbit was dogged by delays. "Virgin Orbit did not have an anchor customer." In late March, Virgin Orbit said it was laying off the majority of its workforce and ceasing operations "for the foreseeable future" after failing to secure a funding lifeline. Watch the video to find out more about what led to Virgin Orbit's collapse.

REUTERS/Henry NichollsApril 8 (Reuters) - As the fortunes of Richard Branson's Virgin Orbit were crashing to Earth last month, a little-known investor called Matthew Brown appeared offering a $200 million rescue. Virgin Group, which owns 75% of Virgin Orbit, also declined to comment for this article. The group is providing financing to Virgin Orbit as the satellite launch company seeks a buyer in bankruptcy. Asked about this, Brown told Reuters he structured deals to protect investor confidentiality with a preference for "laying low below the radar." Virgin Orbit filed for bankruptcy on Tuesday.

☆ Robinhood traders are getting smarter with their money. The platform's head of investment strategy explained why.
▼ + stars: | 2023-04-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Steph Guild, Robinhood's head of investment strategy. RobinhoodSteph Guild is the head of investment strategy at Robinhood. Phil Rosen: How have retail investors on Robinhood changed their investing habits now compared to 2022? As the economy faces more risks like a recession and a potential credit crunch, do you think retail investors will change their strategy? What do you think of Guild's insights on retail investors?

☆ Virgin Orbit bankruptcy casts shadow over Japan's space dreams
▼ + stars: | 2023-04-07 | by ( Eimi Yamamitsu | ) www.reuters.com time to read: +4 min

Oita prefecture, home to Japan's largest number of hot springs, partnered with Virgin Orbit in 2020 to create its first Asian spaceport at Oita Airport using a Boeing (BA.N) 747 for horizontal rocket launches. Two Japanese companies, ANA Holdings (9202.T) unit All Nippon Airways Trading Co and little-known Japanese satellite development start-up iQPS Inc emerged among the top six creditors when Virgin Orbit filed for Chapter 11 bankruptcy protection on Tuesday. ANA said it was hopeful Virgin Orbit, which has said it is seeking a buyer, would be able to restructure and resume business. "We pray that Virgin Orbit will resume their business for the development of the global space industry." "It is possible that some other company will buy Virgin Orbit.

☆ Factbox: Virgin Orbit bankruptcy echoes Branson's past troubled ventures
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

April 4 (Reuters) - Richard Branson's Virgin Orbit Holdings (VORB.O) filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure long-term funding following a January rocket failure. VIRGIN AUSTRALIAAustralia's second largest airline filed for bankruptcy in April 2020 also battered by the pandemic before exiting voluntary administration in November that year. VIRGIN ACTIVEThe health club firm, in which Branson is still a shareholder, was forced to restructure in the UK after the pandemic hurt the business. VIRGIN CARSStarted in 2000, the Virgin brand's only foray into the online auto retail business lasted five years. VIRGIN VODKAAfter a high-profile launch in the early 1990s, Virgin Vodka was discontinued and Virgin Drinks closed in 2007.

☆ Morning Bid: Markets brush off OPEC as factories stall
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanRelatively calm world markets have brushed off OPEC's latest twist and focussed more squarely on stalled global manufacturing and edgy U.S.-China relations. Crude oil prices held much of Monday's pop higher on the surprise weekend production cut by the Organization of Petroleum Exporting Countries. But Brent crude remains below levels seen just before the Silicon Valley Bank bust last month and is still tracking year-on-year declines of 20%. Strikingly, both short and long-term inflation expectations embedded in the Treasury markets , have barely budged since the OPEC news. McCarthy, the third-most-senior U.S. leader after the president and vice president, is due to host a meeting in California on Wednesday with Tsai.

☆ What went wrong at Virgin Orbit? 4 red flags signaled trouble for Richard Branson's satellite launch firm.
▼ + stars: | 2023-04-04 | by ( Kate Duffy | ) www.businessinsider.com time to read: +5 min

Richard Branson's Virgin Orbit struggled to make a comeback after a failed launch in January. Unlike SpaceX, Virgin Orbit blasts its LauncherOne rocket into space with the help of a modified Virgin Atlantic Boeing 747 called Cosmic Girl. This funding "was not enough to counter the strong headwinds and liquidity challenges Virgin Orbit continues to face," the spokesperson added. Ultimately, Virgin Orbit has been unable to reach the rate of launches needed to meet the required revenue, per CNBC. Funding issuesSince the failed UK launch, Virgin Orbit has attempted to rake in funding from investors, per reports.

☆ Stocks making the biggest moves midday: General Motors, AMC, Virgin Orbit, Kinross Gold and more
▼ + stars: | 2023-04-04 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Virgin Orbit — Shares tanked more than 22% after the California-based satellite launch company filed for Chapter 11 bankruptcy protection. Virgin Orbit said it is looking to sell its assets and will lay off nearly all of its workforce. AMC's "APE" preferred shares gained 8.5% following the news. Etsy – Etsy shares gained 2.4% after Piper Sandler upgraded the e-commerce stock to overweight from neutral, saying that its marketplace strengths should help revamp active buyer growth. Gold miners — Shares of mining companies rallied as gold futures popped on Tuesday.

☆ 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: 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's near future in "substantial doubt" over cash position - filing
▼ + stars: | 2023-04-03 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

WASHINGTON, April 3 (Reuters) - Richard Branson's Virgin Orbit Holdings (VORB.O) in a U.S. regulatory filing on Monday said there is "substantial doubt" its cash position will allow it to continue operating for at least the next 12 months. Virgin Orbit's statement came in a notice explaining why it had yet to file its annual 2022 report. Unable to secure new funds, Virgin Orbit on Thursday moved to lay off roughly 85% of its workforce, or about 675 employees. Virgin Orbit, spun off from Branson's space tourism firm Virgin Galactic in 2017, went public in 2021 through a blank-check deal, where it raised $255 million, less than expected. It added it expects to report for 2022 roughly $33.1 million in revenue and a net loss of about $191 million.

☆ Small businesses are filing for bankruptcy at a higher rate than at the peak of the pandemic - and a looming credit crunch could make things worse
▼ + stars: | 2023-04-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Before March, the number of small- and mid-sized businesses filing for bankruptcy was already on the rise, meaning the bank turmoil only exacerbates an existing trend. What risks are you watching as far as a credit crunch in the US for the coming months? First Citizens, the company that bought Silicon Valley Bank's assets, is run by a family that's no stranger to buying failed banks. The bank is run by a billionaire North Carolina family that's bought over 20 small failed banks since 2008. With the recent takeover, it's poised to stand among the largest 20 banks in the US.

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