Virgin Orbit is a unique company in that it uses a Boeing 747 as a platform to launch rockets into space. It is another subsidiary of Virgin under leading billionaire Sir Richard Branson. After failing to launch the first rocket from the United Kingdom earlier this year, Virgin Orbit was declared bankrupt.
The company failed to obtain funds to continue their operations. A few weeks ago the company's operations were halted with 85% of the staff being suddenly fired. They are currently looking for a buyer for the company's existing assets.
Virgin Orbit was established in 2017 as another aerospace technology company besides Virgin Galactic that focuses on space tourism. Unlike Virgin Galactic which successfully sent tourists into space, Virgin Orbit faced various issues and failures.
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BUSINESS & MONEY