Reuters reports that Virgin Orbit “filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure.” The company is seeking a sale of its assets after laying off almost 90% of its employees last week, with the assets having a listed value of $243 million and debt of $153.5 million as of September 30. The company suffered a rocket failure earlier this year and then failed to find necessary funding, which caused the layoffs last month.
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