Richard Bransons Virgin Orbit files for bankruptcy to seek buyer Stabroek News

WASHINGTON, (Reuters) – Richard Branson’s Virgin Orbit Holdings VORB.O filed for Chapter 11 bankruptcy today after the satellite launch company failed to secure the long-term funding following a January rocket failure. The Long Beach, California-based company lodged the filing in the U.S. Bankruptcy Court for the District of Delaware seeking a sale of its assets after announcing the layoff of roughly 85% of its 750 employees last week. “We believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale,” Virgin Orbit CEO Dan Hart said in a statement. Shares in…