Virgin Orbit files for bankruptcy

WASHINGTON — Launch company Virgin Orbit filed for Chapter 11 bankruptcy April 4, having failed to achieve financial orbit after burning through more than $1 billion. The company said it filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in the Distract of Delaware as part of efforts to sell the company, after failing to line up financing to sustain the company in recent weeks. That led the company to lay off about 85% of its 800-person workforce March 30. “While we have taken great efforts to address our financial position and secure additional financing, we ultimately must…