Virgin Orbit files for bankruptcy in the US
Virgin Orbit's space mission is over
Last updated 4th Apr 2023
Virgin Orbit has filed for bankruptcy in the US after their failed attempt from Cornwall to put satellites into space
The company was based in Longbeach, California, and last week laid off 750 employees - or roughly 85 of its workforce - as it tried to secure investment.
In January - before the now infamous 'Newquay we have a anomaly' message which told the world that something had gone wrong - the CEO of Virgin Orbit confirmed they had hoped to try another space launch from Spaceport Cornwall possibly towards the end of this year.
While it's clearly a blow for Cornwall, there is still a growing space sector in the county which it's hoped will continue to expand.
Virgin Orbit CEO Dan Hart said: "The team at Virgin Orbit has developed and brought into operation a new and innovative method of launching satellites into orbit, introducing new technology and managing great challenges and great risks along the way as we proved the system and performed several successful space flights, including successfully launching 33 satellites into their precise orbit.
"While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business.
"We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the company.
"At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale."
On Tuesday, the business lodged a filing with the US Bankruptcy Court for the District of Delaware as it seeks a sale of the remaining business.