Virgin Orbit files for Chapter 11 bankruptcy protection in the U.S.

The company’s modified 747 jet “Cosmic Girl” in Mojave, California.

Virgin Orbit

Virgin Orbit on Tuesday filed for Chapter 11 bankruptcy protection in the U.S. after failing to secure a funding lifeline.

“While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business,” Dan Hart, CEO of Virgin Orbit, said in a statement.

“We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the Company. At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale,” Hart said.

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