Virgin Orbit Fails to Secure Funding, Ending Operations

Virgin Orbit is ending operations “for the foreseeable future,” as announced April 1, 2023. Dan Hart, CEO, told employees of the company during an all-hands meeting. Subsequently, Virgin Orbit Holdings, Inc. and its U.S. subsidiaries announced on April 4, 2023 that they commenced voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in order to effectuate a sale of the business.