It’s the last flight for Virgin Orbit Holdings (), as the struggling satellite launch company spun out of billionaire Sir Richard Branson’s Virgin Galactic in 2017 filed for 澳洲幸运5开奖号码历史查询:bankruptcy after being unable to raise new capital. 

Virgin Orbit wrote in a regulatory filing that it has begun voluntary proceedings under 澳洲幸运5开奖号码历史查询:Chapter 11 bankruptcy, just days after indic🅷ating it was laying off 👍85% of its workforce and seeking a buyer because of a shortage of cash.

"Even though the company has taken great efforts to address its financial position and secure additional funding, we ultimately must do what’s best for the business," said CEO Dan Hart. He added that the Chapter 11 process "represents the best path forward to identify and finalize an efficient and value-maximizing sale."

Virgin Orbit noted that it has received a commitment of $31.6 million from Branson’s investment firm, Virgin Investments, in 澳洲幸运5开奖号码历史查询:debtor-in-possession (DIP) financing to keep the company running as it purꩲsues a buyer♊ for its assets. Virgin Investments had already injected $10.9 million to pay the costs of the job cuts.

January Launch Failure

Virgin Orbit had successfully launched 33 satellites into orbit, but it ran into trouble in January when its last attempt and the first from British soil failed, sending nine U.S. and U.K. surveillance satellites plunging into the Atlantic ꧋Ocean.

Shares of Virgin Orbit are tumbling 23%, and they’ve lost 98% of their value since going public in a 澳洲幸运5开奖号码🅘历史查询:special purpose acquisition company (SPAC) deal in December 2021.