Verified facts grounded in source documentation.
Virgin Orbit conducted an ill-fated debut launch from southwest England in 2023 that contributed to the collapse of its U.S.-based horizontal launch business.
The QPS-SAR-5 satellite was originally scheduled to launch on Virgin Orbit’s LauncherOne before Virgin Orbit filed for bankruptcy in April and was liquidated.
QPS-SAR-5 was scheduled for launch in early 2023 at the time of the May 2022 contract announcement with Virgin Orbit.
Virgin Orbit was scheduled to launch Spire’s first 16U cubesat for NorthStar Earth and Space in mid-2023 before Virgin Orbit collapsed into bankruptcy.
Virgin Orbit laid off 675 employees, about 85% of its workforce, in late March 2023 and later filed for Chapter 11 bankruptcy and liquidated its assets.
Virgin Orbit laid off 675 employees, about 85% of its workforce, in late March 2023 and later filed for Chapter 11 bankruptcy and liquidated its assets.
Multiple aerospace companies have agreed to acquire Virgin Orbit’s assets out of bankruptcy, including Rocket Lab.
While Tony Gingiss was at Virgin Orbit, the company achieved the first liquid-fueled air-launched rocket flight.
Stratolaunch received approval from the U.S. Bankruptcy Court for the District of Delaware to acquire Virgin Orbit’s modified Boeing 747 and its related parts and equipment.
Virgin Orbit filed for Chapter 11 bankruptcy in the United States on 2023-04-04.
Virgin Orbit filed a stalking-horse bid agreement with Stratolaunch on 2023-05-16 under which Stratolaunch would buy Virgin Orbit’s Boeing 747 aircraft and related equipment for $17,000,000.
As of 2023-05-17, Arqit is the largest unsecured creditor identified to date in Virgin Orbit’s Chapter 11 bankruptcy process with a $10,000,000 claim.
Virgin Orbit received $60,000,000 in loans from Richard Branson since November and has largely ceased operations, laid off most employees, and filed for bankruptcy.
Virgin Orbit received $60,000,000 in loans from Richard Branson since November and has largely ceased operations, laid off most employees, and filed for bankruptcy.
Virgin Orbit stated that if Chapter 11 restructuring is allowed, it would seek to conduct its next launch before the end of 2023 with a customer that is currently on contract for that launch.
Virgin Orbit has not disclosed the customer contracted for the planned launch before the end of 2023.
Virgin Orbit reported a net loss of $191,100,000 in 2022, compared to net losses of $157,300,000 in 2021 and $121,700,000 in 2020.
Virgin Orbit completed a SPAC merger at the end of 2021 that yielded substantially less cash than expected after many SPAC shareholders redeemed their stock.
Virgin Orbit received $67,800,000 in SPAC proceeds versus a potential total of $382,000,000 from the SPAC transaction.
Virgin Orbit is working with Ducera Partners LLC to market the company and its assets in the Chapter 11 process.