The Virgin Orbit aerospace company, which was founded by billionaire Richard Branson and was once worth nearly $4 billion, has suffered an outright collapse, selling off assets and ceasing operations entirely. Assets worth $36 million were auctioned.
Richard Branson’s Virgin Orbit sold $36 million worth of assets at auction and went out of business altogether. TechCrunch writes about it. The sale of assets was a consequence of Virgin Orbit’s insolvency proceedings.
The Boeing 747 aircraft used to launch the LauncherOne rocket sold for $15 million. Some $10 million worth of Virgin Orbit equipment was purchased by the developer of the world’s largest aircraft, Stratolaunch. Rocket Lab, a maker of small rockets, bought another piece of equipment.
Virgin Orbit has recently experienced serious difficulties in financing the business. The lack of investment led to a catastrophic financial situation in the company and, consequently, to its bankruptcy.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
