Verified facts grounded in source documentation.
Virgin Orbit secured $31,600,000 (€29.9 million) in Debtor-in-Possession financing from the U.S. Bankruptcy Court in Delaware.
Virgin Orbit acquired a Boeing 747 from Virgin Atlantic in 2015 to serve as LauncherOne’s air-launch platform.
Virgin Orbit reported $243,000,000 in total assets and $153,500,000 in total liabilities in its bankruptcy filing.
Virgin Orbit’s first planned LauncherOne launch slipped from 2018 to 2020 and the 2020 attempt failed to reach orbit.
Virgin Orbit secured $31,600,000 in debtor-in-possession financing from Virgin Investments Limited (VIL).
Virgin Orbit furloughed most employees on 2023-03-15 as part of a pause in operations while seeking to raise money.
Virgin Orbit raised $60,000,000 in four separate debt financings from Virgin Investments Limited (VIL).
Virgin Orbit ended the third quarter with $71,000,000 in cash on hand and an operating loss of $50,500,000 in the quarter, as reported on its 2022-11-07 earnings call.
Virgin Orbit’s most recent LauncherOne mission on 2023-01-09 failed due to a fuel filter that came loose in the rocket’s upper stage, leading to a premature engine shutdown.
Virgin Orbit paused operations and furloughed most of its staff on 2023-03-15 while attempting to raise additional capital to return LauncherOne to flight.
Virgin Orbit reported an operating loss of $50,500,000 for the third quarter in its November 2022 quarterly earnings report.
The most recent loan from Virgin Investments Limited to Virgin Orbit was $5,000,000 provided on 2023-02-28.
Virgin Orbit’s LauncherOne is an air-launched rocket that deploys from a modified Boeing 747 carrier aircraft at high altitude.
Virgin Orbit has raised $55,000,000 in debt since November from Virgin Investments Limited, the investment arm of Virgin Group.
Virgin Orbit raised $25,000,000 in November 2022 in the form of a senior unsecured convertible note from Virgin Investments Limited.
Virgin Orbit raised $20,000,000 on 2022-12-19 in the form of a senior secured convertible note from Virgin Investments Limited.
Virgin Orbit raised $10,000,000 from Virgin Investments Limited in the form of a senior secured convertible note on 2023-01-30.
Virgin Orbit’s LauncherOne mission on 2023-01-09, its first launch from the United Kingdom, failed to reach orbit.
Virgin Orbit reported an operating loss of $149,500,000 for the first nine months of 2022.
Virgin Orbit reported an operating loss of $50,500,000 in the third quarter of 2022.