Virgin Orbit create 'fall back plans' in case they cannot secure funding
There are reports the firm has begun drawing up detailed contingency plans for its insolvency
Last updated 20th Mar 2023
Virgin Orbit has reportedly begun drawing up detailed contingency plans for its insolvency.
Last week, the firm paused its operations, in an attempt to deal with financial issues.
In January Virgin Orbit's repurposed 747 took off while carrying rocket 'Launcher One' but a fuel line issued resulted in the satellites the rockets it was carrying not reaching orbit.
Had the UK's first mission of its kind been a success, it was expected there would be another launch - possibly later this year and led by Virgin Orbit.
It's understood two restructuring firms are on the sidelines - creating fallback plans - in the event it cannot secure new funding.
In a statement, a spokesperson from Virgin Orbit said:
""Virgin Orbit is initiating a company-wide operational pause, effective March 16, 2023, and anticipates providing an update on go-forward operations in the coming weeks.
"On the ops side our investigation is nearly complete and our next production rocket with the needed modification incorporated is in final stages of integration and test."
Read more:
Virgin Orbit 'pauses operations' after failed satellite launch