Richard Branson’s Virgin Orbit Holdings has filed for Chapter 11 chapter in the USA after the satellite tv for pc launch firm didn’t safe the long-term funding wanted to assist it recuperate from a January rocket failure.
The Lengthy Seaside, California-based firm lodged the submitting on Tuesday within the US Chapter Courtroom for the District of Delaware searching for a sale of its belongings after saying the layoff of about 85 p.c of its 750 staff final week.
The corporate listed belongings and liabilities between $US100 million ($A147 million) and $US500 million ($A737 million) within the submitting.
