Virgin Orbit officially files for bankruptcy

After announcing it was going out of business and laying off most of its employees, Virgin Orbit officially filed for bankruptcy. Richard Branson's satellite launch company has filed for Chapter 11 bankruptcy in anticipation of a possible new buyer.

According to the regulatory document, Virgin Orbit reported $243 million in assets. While her total debt exceeds $153 million. Dan Hart, the company's CEO, said they hope they can sell the company - or what's left of it - so that its assets and developments can be used in "future missions and opportunities."

As expected, Virgin Orbit's share price fell sharply again during Monday's financial day. The company closed at 19 cents a share on a valuation of just $67 million. That is almost half what it was still worth last Friday, and almost 98% less than a year ago. Note that the company began public trading at the end of 2021, and its market capitalization at the beginning of April 2022 was $2.37 billion.

The bankruptcy of Virgin Orbit marks the collapse of a project that, in just 15 months, has gone from one of the most promising private aerospace careers to a complete failure.