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Launcherone

All articles tagged with #launcherone

business2 years ago

Virgin Orbit liquidates assets in bankruptcy sale.

Virgin Orbit, Richard Branson's bankrupt satellite launch firm, is closing for good after a $36.4 million asset sale, including an agreement to sell the bulk of its Long Beach, California, headquarters to small-launch firm Rocket Lab USA Inc. Rocket Lab won the bankrupt rocket company's primary manufacturing site for $16 million during an auction held on Monday. Virgin Orbit also plans to sell its aircraft assets, including the modified Boeing 747 "Cosmic Girl" carrier aircraft, to hypersonics firm Stratolaunch for $17 million.

via Reuters|
#bankruptcy#business#launcherone
space2 years ago

Virgin Orbit Concludes LauncherOne Probe Amid Ongoing Bankruptcy

Virgin Orbit completed an investigation into the failure of its previous LauncherOne mission and confirmed that the root cause of the failure was a fuel filter that dislodged in the propulsion system. The company is moving ahead with plans to return its LauncherOne rocket to flight later this year, even though there is no certainty the company will emerge from bankruptcy. Virgin Orbit filed for Chapter 11 bankruptcy on April 4 and is continuing "reduced rate operations" while in Chapter 11.

via SpaceNews|
#bankruptcy#launcherone#propulsion-system
space-industry2 years ago

Virgin Orbit halts operations and furloughs staff amid funding search.

Virgin Orbit has announced an "operational pause" and furloughed its staff for at least a week due to financial issues. The company has raised $60 million in loans from Virgin Investments Limited since November, all secured by its assets, including its Boeing 747 aircraft. The company has not released updated financial results since November 2022 and has suffered a technical setback in January when its first LauncherOne mission failed to reach orbit. The investigation into that failure is nearly complete, and the company's next production rocket is in the final stages of integration and test.

via SpaceNews|
#financial-issues#launcherone#loans