Virgin Orbit, which designs rockets for launching small satellites, has filed for Chapter 11 chapter in america, the corporate introduced Tuesday.
The transfer comes after the corporate stated final week that it was shedding 675 workers, or 85 per cent of the workforce of the subsidiary of British billionaire Richard Branson's empire.
"Whereas we've made appreciable efforts to enhance our monetary place and safe extra funding, we should do what's greatest for the corporate," Virgin Orbit chairman Dan Hart stated in a press release.
Its 21-metre rocket launched from a Boeing 747 off the coast of Cornwall within the UK failed to succeed in orbit in early January, inflicting the lack of the 9 satellites it was carrying and precipitating the downfall of Virgin Orbit.
Based by Richard Branson in 2017, the corporate aimed to supply "a brand new and revolutionary method to launch satellites" and had managed to place 33 satellites into orbit, based on Dan Hart.
Whereas there are numerous small launcher initiatives world wide, just one stays operational at this stage, that of New Zealand's RocketLab.
For extra on this story, watch the report within the media participant above.
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