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Wednesday May 22 2024

Virgin Orbit ceases operations

24 May 2023 21:25 (UTC+04:00)
Virgin Orbit ceases operations

Virgin Orbit company, founded by British billionaire Richard Branson and engaged in satellite launches, ceased operations a few months after filing for bankruptcy, Azernews reports, citing international media outlets.

According to the NASDAQ data, the company sold assets for $36 million, or just 1 percent of the original value. The rocket factory and the equipment of the Virgin Orbit headquarters were acquired by RocketLab startup for $16.1 million.

Virgin Orbit attempted the first ever satellite launch from the UK and failed in January 2023. Then the company had problems related to financing, the management immediately reduced 85 percent of employees.

Virgin Orbit company was founded in 2017 and has never made a profit as a public company. It was engaged in the development and construction of launch vehicles for the delivery of small satellites and was part of Branson's business empire, which includes the Virgin Atlantic airline.

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