Richard Bransons Space Venture Has Officially Crashed and Burned

Houston, Virgin Orbit has a problem. The satellite launch company from British entrepreneur Richard Branson has announced that it filed for Chapter 11 bankruptcy in Delaware. Virgin Orbit announced the news in a press release this morning, and the company intends to use the filing to “maximise value” of its business while it seeks out a buyer. The company has received $US31.6 million in Debtor in Possession (DIP) financing from Branson-owned Virgin Investments Limited that, when approved by the bankruptcy court, will provide Virgin Orbit with enough liquidity to eventually sell the company and its assets. For now, the company…