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Follow on Google News | ![]() Action Investments Limited - Richard Branson's Virgin Orbit's Last FlightIt's the last voyage for Virgin Orbit Holdings (VORB), which filed for bankruptcy in 2017 after being unable to acquire additional money from billionaire Sir Richard Branson's Virgin Galactic.
"Although the firm has made significant attempts to resolve its financial situation and acquire more finance, we must ultimately do what is best for the business," stated CEO Dan Hart. He went on to say that the Chapter 11 procedure "represents the greatest road ahead for identifying and finalizing an efficient and value-maximizing transaction." Virgin Orbit said that it has obtained a debtor-in-possession (DIP) funding commitment of $31.6 million from Branson's investment arm, Virgin Investments, to keep the company going while it seeks a buyer for its assets. Virgin Investments has previously contributed $10.9 million to cover the expenses of the layoffs. Failure of the January Launch Virgin Orbit had successfully launched 33 satellites into orbit until its latest effort, the first from British land, failed in January, dumping nine US and UK surveillance satellites into the Atlantic Ocean. Virgin Orbit's stock is down 23%, and it has lost 98% of its worth since going public in a special purpose acquisition company (SPAC) transaction in December 2021. Please contact our team members to learn more about this unique financial building experience by way of good securities investment and portfolio management. Our aim is to make your wealth building journey, a simple and enjoyable experience. https://actioninvestmentsltd.com/ End
Page Updated Last on: Nov 21, 2023
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