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News: Virgin Orbit Files For Chapter 11 Bankruptcy Protection

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  1. Chapter 11 Bankruptcy Protection Initiated By Virgin Orbit
    As a continuation of the news JF published last month regarding the evolving situation around Virgin Orbit, this article serves as a follow-up. You may revert to the previous article here... . Since then, the company has filed for Chapter 11 Bankruptcy Protection. This all stems from that failed launch attempt that happened at the start of 2023. Nine small satellites were lost when the rocket failed to deploy them in orbit.
  2. Virgin Orbit has been using a modified Boeing 747-400 aircraft to take the rocket to high altitude and launch it from beneath its wing. Once at the correct altitude, the aircraft then tilts up to help launch the rocket at an optimal angle. This method is vastly different from what other launch companies do which involves large ground-based launch facilities which are expensive to operate. "The team at Virgin Orbit has developed and brought into operation a new and innovative method of launching satellites into orbit, introducing new technology and managing great challenges and great risks along the way as we proved the system and performed several successful space flights—including successfully launching 33 satellites into their precise orbit," said Virgin Orbit CEO, Dan Hart. "While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business," he said. The company says it will continue the sale process under Chapter 11 protection.

    For more information:

    Virgin Orbit
    4022 E Conant St,
    Long Beach, CA 90808,
    United States

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