Branson's Virgin Orbit Files For Bankruptcy After Launch Failure Squeezed Finances

Virgin Orbit, founded by Richard Branson, filed for Chapter 11 bankruptcy on Tuesday after the satellite launching business struggled to secure long-term funding following a failed launch in January. From a report: The filing comes less than two years after Virgin Orbit first went public at a valuation of roughly $3 billion. But the January mishap left the company scrambling for new funding and forced it to halt operations. "We believe that the Chapter 11 process represents the best path forward