Sir Richard Branson’s Virgin Orbit has collapsed 15 months after the rocket launch company went public with a valuation of $3.7bn.
The group, which debuted on Nasdaq in December 2021 after merging with a so-called blank cheque company, filed for Chapter 11 bankruptcy protection in the US state of Delaware on Tuesday morning.
Weeks of crisis talks with potential investors had failed to secure new funding for Virgin Orbit, which has been burning close to $50mn a quarter in its race to snare a share of the rapidly growing launch market.
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