Virgin Orbit formally enters bankruptcy, seeking a buyer
Enlarge / LauncherOne arrives on the runway at Long Beach Airport for a fit check with Cosmic Girl in October 2018. (credit: Virgin Orbit/Greg Robinson)
Virgin Orbit announced Tuesday morning that it has filed for bankruptcy in the US District of Delaware. The cash-strapped launch company said it views bankruptcy as the best means of selling itself.
"At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale,” said Dan Hart, CEO of Virgin Orbit, in a statement.
The best outcome for the California-based company would be to find a buyer willing to continue Virgin's launch business. Through the bankruptcy process, the company could shed some of its debt and possibly emerge as a leaner business serving a segment of the market seeking dedicated launch on a responsive vehicle.