Japanese businesses face major losses due to Virgin Orbit bankruptcy
Two Japanese companies (one partnering with a Japanese airport) now face major financial losses due to the bankruptcy of Virgin Orbit.
Two Japanese companies, ANA Holdings … and little-known Japanese satellite development start-up iQPS Inc emerged among the top six creditors when Virgin Orbit filed for Chapter 11 bankruptcy protection on Tuesday.
ANA, owed $1.65 million, had been a key partner for the Oita spaceport, entering a provisional deal with Virgin Orbit in 2021 for 20 flights of its LauncherOne rocket there. ANA said it was hopeful Virgin Orbit, which has said it is seeking a buyer, would be able to restructure and resume business.
Fukuoka-based iQPS had paid a $5.2 million deposit to launch its small, lightweight constellation satellites weighing under 100 kilograms (220 pounds), representing a major portion of the $17.2 million Series A funding it had raised in 2017.
ANA and the government of Oita prefecture had also hoped to garner some economic benefits from tourism by making this deal with Virgin Orbit. That won’t be happening now, though the expectation by this Japanese local government was never realistic. In fact, it illustrates how divorced government officials are from economic reality. No airport spaceport is going to attract a lot of tourism, even if Virgin Orbit was prospering and launching monthly.
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Two Japanese companies (one partnering with a Japanese airport) now face major financial losses due to the bankruptcy of Virgin Orbit.
Two Japanese companies, ANA Holdings … and little-known Japanese satellite development start-up iQPS Inc emerged among the top six creditors when Virgin Orbit filed for Chapter 11 bankruptcy protection on Tuesday.
ANA, owed $1.65 million, had been a key partner for the Oita spaceport, entering a provisional deal with Virgin Orbit in 2021 for 20 flights of its LauncherOne rocket there. ANA said it was hopeful Virgin Orbit, which has said it is seeking a buyer, would be able to restructure and resume business.
Fukuoka-based iQPS had paid a $5.2 million deposit to launch its small, lightweight constellation satellites weighing under 100 kilograms (220 pounds), representing a major portion of the $17.2 million Series A funding it had raised in 2017.
ANA and the government of Oita prefecture had also hoped to garner some economic benefits from tourism by making this deal with Virgin Orbit. That won’t be happening now, though the expectation by this Japanese local government was never realistic. In fact, it illustrates how divorced government officials are from economic reality. No airport spaceport is going to attract a lot of tourism, even if Virgin Orbit was prospering and launching monthly.
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
Elon could help them. Like China-they have a work ethic. Branson had them starstruck-they were eager to please-as opposed to ESG types here. That could work in Elon’s favor.
These companies should sue the British government to recover their investments which were lost due to the MORONS in the British government, who took over 6 months to come up with a simple launch license! Make the stupid ones pay!