Sky News reports that the commercial space satellite venture founded by Sir Richard Branson’s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the event that it cannot secure new funding.
The decision to line up the advisers underlines the precarious nature of Virgin Orbit’s finances, even as it continues talks with a small number of prospective investors about providing sufficient funding to restart its operations.
After going public in 2021 through a merger with NextGen Acquisition II in a $3.7 billion deal, Virgin Orbit’s listed shares are now valued at just $217 million. Read more.
