Branson's Virgin Orbit files for bankruptcy, to seek buyer

A view of Richard Branson's Virgin Orbit, with a rocket underneath the wing of a modified Boeing 747 jetliner, during test launch of its high-altitude launch system for satellites from Mojave, California, U.S. January 17, 2021. REUTERS/Gene Blevins

WASHINGTON: Richard Branson's Virgin Orbit Holdings 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 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.