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Latest SPAC News:  Virgin Orbit files for bankruptcy 

Branson’s Rocket-Launch Firm Virgin Orbit Files for Bankruptcy

Virgin Orbit Holdings Inc. (NASDAQ:VORB) 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.

Virgin Orbit went public through a SPAC transaction with NextGen II in December 2021. That deal netted just $67.8 million for the company, significantly less than expected, CEO Hart said in a court filing.

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