Filing for bankruptcy protection from Virgin Orbit
Virgin Orbit has filed for Chapter 11 bankruptcy protection. The company officially announced that it is in the process of bankruptcy a week after last week’s 90 percent layoff plan.
Dan Hart, CNBC’s Virgin Orbit CEO, said: «As we continue to sell the company, we believe the latest launch technology this team has created will generate broad interest for buyers. “At this stage, we believe the Chapter 11 process represents the best way forward to identify and finalize an efficient and value-maximizing sale.”
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Virgin Orbit said the company is focused on completing the sales process quickly to provide clarity about its future.
Virgin Orbit said a commitment from Virgin Investments enabled the company to raise $31.6 million in new money through «borrowed» financing. Sometimes known as DIP financing, this process refers to raising funds to allow businesses that have filed for Chapter 11 bankruptcy protection to continue their operations.
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Virgin Orbit has filed for Chapter 11 bankruptcy protection, a week after announcing a 90% layoff plan. The company said it is focused on completing the sales process quickly to provide clarity about its future. Virgin Orbit CEO Dan Hart said the Chapter 11 process represents the best way forward to identify and finalize an efficient and value-maximizing sale. The company raised $31.6m in new funds through «borrowed» financing, which will allow it to continue operations.
