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.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
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.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
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!