Virgin Orbit extends pause in operations, having failed to get new financing
Virgin Orbit has extended its worker furlough and pause in operations now that a $200 million deal with a Texas investor has fallen through.
Reuters reported last week that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Those talks have collapsed, said two people familiar with the discussions who asked not to be identified. Brown declined to comment on Monday.
Virgin Orbit, teetering on bankruptcy after a January rocket failure and struggles to raise funds, furloughed nearly all its 750 employees on March 15 while it sought a financial lifeline that would allow it to focus on upgrading its launch business.
This is very bad news for the company, because it indicates that there might not be a financial savior for it.
Virgin Orbit has extended its worker furlough and pause in operations now that a $200 million deal with a Texas investor has fallen through.
Reuters reported last week that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Those talks have collapsed, said two people familiar with the discussions who asked not to be identified. Brown declined to comment on Monday.
Virgin Orbit, teetering on bankruptcy after a January rocket failure and struggles to raise funds, furloughed nearly all its 750 employees on March 15 while it sought a financial lifeline that would allow it to focus on upgrading its launch business.
This is very bad news for the company, because it indicates that there might not be a financial savior for it.