Virgin Orbit filed for Chapter 11 bankruptcy after failing to get additional funding from its backers.
The Long Beach, California-based satellite launch company, founded and owned by Richard Branson, failed to secure long-term funding it needed to recover from a January rocket failure in the United Kingdom.
Branson had long had an ambition to become a key player in the rapidly growing market for commercial satellite launches.
The case, filed under 23-10405 in U.S. Bankruptcy Court for the District of Delaware to sell off its assets, came after the firm admitted last week that it would lay off roughly 85 percent of its workforce of 750….