Virgin Orbit Holdings filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff.
The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware, Bloomberg reports.
Virgin Orbit merged with NextGen II in December 2021. That deal netted just $67.8 million for the company, significantly less than expected, CEO Dan Hart said in a court filing.
In fact, the deal was expected to fetch up to $383 million of cash held in the NextGen II trust, which assumed no redemptions, and a $100 million fully committed PIPE.
At deal announcement in August 2021, the combined enterprise was valued at $3.2 billion. Read more.
