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☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ Bill Gates took a 'test ride' in an autonomous vehicle, and says they'll save you money—take a look
▼ + stars: | 2023-03-31 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

Bill Gates says totally driverless cars, without need for even a steering wheel, are "coming sooner rather than later." He also posted a video of his experience:The car's technology was built by British startup Wayve, which partners with Microsoft on its artificial intelligence-based autonomous driving software. Wayve sits among a bevy of tech and auto industry competitors: The likes of Ford, GM, Tesla, Alphabet and China's Baidu have invested billions of dollars toward developing their own driverless vehicle technology. U.S. consumers will likely only gain access to fully self-driving vehicles following a complete overhaul of the nation's driving infrastructure and laws, he added. Last year, U.S. regulators cleared the way for autonomous cars built without steering wheels or even pedals — a first step.

☆ Salesforce employees are not happy
▼ + stars: | 2023-03-31 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +4 min

That said, there's plenty happening in tech news, from Salesforce layoffs to an unusual new perk for Meta employees. Salesforce CEO Marc Benioff Salesforce1. Employees aren't happy about how the cloud giant is handling its plan to cut 10% of its workforce. The cost-cutting did help Salesforce avoid a proxy battle for control of its board, as activist investors pushed for Salesforce to focus on efficiency. Read why Salesforce employees are upset at how the company is handling layoffs.

☆ Here's what went wrong with Virgin Orbit
▼ + stars: | 2023-03-31 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +9 min

The deal, facilitated by a so-called blank check company, gave Virgin Orbit a valuation of nearly $4 billion. That debt gives the flashy British billionaire first priority of Virgin Orbit assets in the event of the now-impending bankruptcy. And Chief Strategy Officer Jim Simpson had also spent more than eight years in Boeing's satellite division before joining Virgin Orbit. That frustration continued after the pause, with employees confused by the lack of specifics about which investors were speaking to Virgin Orbit leadership. Virgin Orbit

☆ Virgin Orbit to lay off about 85% of staff
▼ + stars: | 2023-03-30 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Rocket maker Virgin Orbit Holdings(VORB.O) on Thursday said it was laying off about 85% of staff because it had not been able to raise new investment. Shares of the company, which is controlled by Richard Branson's Virgin Group, fell 38% in after hours trade. About 675 employees will lose their jobs, and the company expects to take related charges of about $15 million, Virgin Orbit said in a regulatory filing. Virgin Orbit went public in 2021 through a blank-check deal, where it raised $255 million less than expected. A small group of employees returned to work on March 23 to focus on rocket engine work, an email to staff said at the time.

☆ Virgin Orbit, Richard Branson's satellite company, is laying off 85% of staff and reportedly ceasing operations 'for the foreseeable future'
▼ + stars: | 2023-03-30 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

Richard Branson's satellite company, Virgin Orbit, is ceasing operations "for the foreseeable future," according to CNBC. Virgin Orbit was spun out of Branson's space tourism company, Virgin Galactic, in 2017. CNBC reported that Virgin Orbit would offer severance packages for departing staff and a partnership with its sister company, Virgin Galactic, for hiring. Virgin Orbit spun off from billionaire Richard Branson's space tourism company, Virgin Galactic, in 2017. Branson owns 75% of Virgin Orbit, according to CNBC.

☆ Virgin Orbit, Richard Branson's rocket company, to lay off 85% of staff
▼ + stars: | 2023-03-30 | by ( Jackie Wattles | ) edition.cnn.com time to read: +3 min

CNN —Virgin Orbit — the rocket company founded by British billionaire Richard Branson — is laying off the vast majority of its workforce as company leadership struggles to secure additional funding. Virgin Orbit spokespeople declined to comment beyond the filing. Virgin Orbit was founded in 2017 after spinning off from its sister company, Virgin Galactic, which is focused on using supersonic planes to vault high-paying tourists on joy rides to the edge of space. Virgin Orbit, on the other hand, has been developing an air-launched rocket, dubbed LauncherOne, for hauling small satellites to orbit. Virgin Orbit announced it was going public — via a reverse merger agreement called a SPAC — in the fall of 2021.

☆ Virgin Orbit extends worker furlough, continues funding talks -CEO
▼ + stars: | 2023-03-27 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

March 27 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings (VORB.O) will extend an unpaid furlough for most of its employees as talks seeking new funding continue, the company's chief executive said in an email to employees on Monday. Virgin Orbit declined further comment. Reuters reported last week that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Branson owns a controlling stake of Virgin Orbit of roughly 75%. Virgin Orbit shares were down 12% in after-hours trading Monday after closing down 26 cents, or 33%, at 54 cents a share.

☆ Virgin Orbit extends unpaid pause as Brown deal collapses, 'dynamic' talks continue
▼ + stars: | 2023-03-27 | by ( Michael Sheetz | ) www.cnbc.com time to read: +4 min

Virgin Orbit launches its LauncherOne rocket from the spaceport in Cornwall, marking the first ever orbital launch from the UK. (Photo by Matthew Horwood/Getty Images)Virgin Orbit is again extending its unpaid pause in operations to continue pursuing a lifeline investment, CEO Dan Hart told employees in a company-wide email. But discussions between Virgin Orbit and the Texas-based investor stalled and broke down late last week, a person familiar told CNBC. Virgin Orbit was spun out of Branson's Virgin Galactic in 2017 and counts the billionaire as its largest stakeholder, with 75% ownership. Mubadala, the Emirati sovereign wealth fund, holds the second-largest stake in Virgin Orbit, at 18%.

☆ Putin's war turned this quiet Polish airport into a global military hub where passenger jets touch down alongside Patriot missiles
▼ + stars: | 2023-03-26 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +9 min

Rzeszów-Jasionka Airport is just 50 miles from Poland's border with Ukraine. He told Insider: "I realized that a great challenge was ahead of us and that any mistake on our part couldn't be an option." Hamryszczak told Insider that he had to rise to "countless" challenges, including making complex arrangements with world leaders and welcoming the world's media. Air Force One is "the most famous aircraft that has ever visited our airport," Hamryszczak said. "This is no longer the same regional airport that operated in 2021, or even before the pandemic," Hamryszczak told Insider.

[1/2] Bottles of Campa Cola and Coca Cola are displayed at a Reliance Smart supermarket in Mumbai, India March 20, 2023. Other well known tycoons have tried to go toe-to-toe with the drinks giants, and failed, most notably Richard Branson with his Virgin Cola. The smallest bottles of Campa Cola and Coke both cost 10 rupees, while Pepsi starts from 12 rupees. Reliance did not respond to a request for comment, while Pepsi said it doesn't comment on competition as a policy. Another city store employee said 30 Campa bottles were being sold for every 100 of Pepsi and Coca-Cola.

☆ 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.

☆ Investing in Space: The latecomer
▼ + stars: | 2023-03-23 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. A small group of Virgin Orbit employees are rolling back into the company's Long Beach, California, headquarters today. Virgin Orbit this week announced a partial resumption of operations, potentially bolstered by a surprising new backer: private investor Matthew Brown. A person close to the Virgin Orbit deal described Brown as a "latecomer" and said company leadership initially considered his bid "super fringe." From another investor's perspective, Virgin Orbit was "the most likely to succeed after Rocket Lab " in the small satellite launch market.

☆ Virgin Orbit to Resume Operations as Funding Search Continues
▼ + stars: | 2023-03-22 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Virgin Orbit said it would begin an incremental resumption of operations on Thursday. Virgin Orbit Holdings Inc. said it is beginning to bring back staff and resume work on preparing for its next satellite launch after halting operations last week to conserve cash as it searches for more funding. The satellite company, backed by billionaire Richard Branson , said it doesn’t intend to provide updates on its discussions to raise more funding unless and until its board approves a specific deal.

☆ 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 in talks to raise $200 mln from Matthew Brown-term sheet
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +1 min

WASHINGTON, March 22 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit (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. The two companies are aiming to close the deal on Friday, according to the term sheet. Virgin Orbit was not immediately available to comment. Matthew Brown Companies did not immediately reply to a Reuters request for comment. Reuters reported on Tuesday that Virgin Orbit plans to recall a small team from the furlough on Thursday to work on rocket upgrades.

☆ Branson's Virgin Orbit to recall small team from near-total furlough
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

WASHINGTON, March 21 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) plans to recall on Thursday a small group of employees from a near company-wide furlough to work on rocket upgrades, an email to staff said, with the company confirming some team members would return. The move, in which only employees critical to company functions would remain, was intended to buy Virgin Orbit more time to finalize an investment plan and stave off bankruptcy. Discussions over Virgin Orbit's investment plan to stave off bankruptcy were ongoing, said a second person familiar with the process. A Virgin Orbit spokesperson said in a statement that the company was targeting an "incremental resumption" of operations to support its next launch. Virgin Orbit shares fell to a fresh record low close of $0.44 on Tuesday.

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