Virgin Orbit files for bankruptcy
Less than a week after it laid off 85% of its workforce, Virgin Orbit’s management has filed for Chapter 11 bankruptcy.
Under Chapter 11, it appears the company can still be purchased and re-established, much like Firefly Aerospace was when it filed for bankruptcy. Since Richard Branson’s Virgin Group pumped a lot of cash into the company in the past six months, exceeding $70 million, it would get first crack at ownership rights. We should therefore not be surprised if Virgin Orbit comes back to life, owned by Branson and bought for pennies on the dollar, with the little stockholders and investors left in the lurch.
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Less than a week after it laid off 85% of its workforce, Virgin Orbit’s management has filed for Chapter 11 bankruptcy.
Under Chapter 11, it appears the company can still be purchased and re-established, much like Firefly Aerospace was when it filed for bankruptcy. Since Richard Branson’s Virgin Group pumped a lot of cash into the company in the past six months, exceeding $70 million, it would get first crack at ownership rights. We should therefore not be surprised if Virgin Orbit comes back to life, owned by Branson and bought for pennies on the dollar, with the little stockholders and investors left in the lurch.
Readers!
Please consider supporting my work here at Behind the Black. Your support allows me the freedom and ability to analyze objectively the ongoing renaissance in space, as well as the cultural changes -- for good or ill -- that are happening across America. Fourteen years ago I wrote that SLS and Orion were a bad ideas, a waste of money, would be years behind schedule, and better replaced by commercial private enterprise. Only now does it appear that Washington might finally recognize this reality.
In 2020 when the world panicked over COVID I wrote that the 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. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
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.
We can watch the federal court filimgs and see who is on the creditors committee for the next clue. Robert Z is right about secured creditors having the upper hand. But without employee continuity IP assets tend to have little value except to patent trolls.