Richard Branson’s Virgin Orbit files for bankruptcy after axing 85% of workforce

The company’s January launch failed citing an ‘anomaly’

Virgin Orbit has filed for Chapter 11 bankruptcy protection after failing to secure the funding needed to recover from a January rocket failure.

It comes just days after the California-based satellite launch company said it was laying off 85 per cent of its 750 staff and ceasing operations for the foreseeable future.

Virgin Orbit is 75 per cent owned by Sir Richard Branson's Virgin Group. It lodged the filing in the US Bankruptcy Court for the District of Delaware seeking a sale of its assets.