Virgin Orbit filed for Chapter 11 bankruptcy protection on Tuesday (3rd).

(Reuters)

[Financial Channel/Comprehensive Report] Virgin Orbit, an aerospace company founded by British billionaire Branson (Richard Branson), is in deep financial crisis. Due to the lack of effective funds, the company announced last week that it would lay off 85% of its staff. According to the latest news, Virgin Orbit has filed for Chapter 11 bankruptcy protection on Tuesday (3rd).

Virgin Orbit has filed for bankruptcy in the US Bankruptcy Court District of Delaware in a bid to sell assets, Reuters reported.

Please read on...

According to Virgin Orbit’s regulatory filings, as of September 30 last year, the company had assets of US$243 million (approximately NT$7.466 billion) and total debt of US$153.5 million (approximately NT$4.716 billion).

Virgin Orbit was spun off from Virgin Galactic (Virgin Galactic) in 2017, and it will be listed through SPAC in 2021. Its business is mainly to send small satellites into space orbit. The dilemma of not being able to obtain effective funds.

According to Monday's closing price, Virgin Orbit's market value was US$65 million (approximately NT$1.997 billion), but its market value exceeded US$3 billion (approximately NT$92.175 billion) two years ago.

Grasp the pulse of the economy with one hand I subscribe to Free Finance Youtube channel

Already added friends, thank you

Welcome to 【Free Finance】

feel good

Already liked it, thank you.

related news