Virgin Orbit shuts down company. Selling assets to other space companies.

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Virgin Orbit shuts down company

Selling assets to other space companies

Foto: Virgin Orbit

Richard Branson's satellite launch company Virgin Orbit is now filing for bankruptcy, after being kept alive on life support for a few months. Following a failed satellite launch earlier this year, the company announced in March that it would pause its operations.

Just a few weeks after the pause, a message came out that Virgin Orbit would put its operations on hold and lay off most of its employees. The hope was then probably to find someone who would inject money and continue the business in the future. However, this does not seem to have been the case. Virgin Orbit is now shutting down the company completely and selling off its assets to other companies.

BBC reports that Rocket Lab will buy Virgin Orbit's headquarters and rocket factory for $16.1 million. Stratolaunch, whose business idea is similar to Virgin Orbit's, will buy the company's modified Boeing 747 "Cosmic Girl" for $17 million, while Launcher Inc will buy Virgin Orbit's launch site in the Mojave Desert for $2.7 million.

bbc.com

Society,

Richard Branson, Virgin Orbit, bankruptcy, Rocket Lab, Stratolaunch

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