Virgin Orbit
| Use attributes for filter ! | |
| Headquarters | Long Beach |
|---|---|
| California | |
| United States | |
| Number of employees | 390 (2017) |
| Founded | March 2 |
| 2017 | |
| Predecessor | Virgin Galactic |
| Key people | Dan Hart (President and CEO) |
| Parent organizations | Virgin Group |
| Date of Reg. | |
| Date of Upd. | |
| ID | 1104772 |
About Virgin Orbit
Virgin Orbit is a company within the Virgin Group which plans to provide launch services for small satellites. The company was formed in 2017 to develop the air-launched LauncherOne rocket, launched from Cosmic Girl, which had previously been a project of Virgin Galactic.
Virgin Orbit: Branson's rocket firm permanently ceases operations
...By Peter HoskinsBusiness reporterBritish billionaire Sir Richard Branson s rocket company Virgin Orbit has permanently ceased operations, just months after a major mission failure...
Virgin Orbit: Richard Branson's rocket firm files for bankruptcy
...British billionaire Sir Richard Branson s rocket company Virgin Orbit has filed for bankruptcy in the US after failing to secure new investment...
Virgin Orbit: Sir Richard Branson's rocket company lays off 85% of staff
...By Annabelle LiangBusiness reporterBritish billionaire Sir Richard Branson s rocket company Virgin Orbit says it will lay off 85% of staff after failing to secure new investment...
Virgin Orbit to pause all operations from Thursday
...By Christy CooneyBBC NewsVirgin Orbit is to pause operations from Thursday in an apparent attempt to shore up its finances...
UK space launch: Dislodged fuel filter blamed for rocket failure
...The first ever satellite mission from the UK failed to launch last month because a rocket fuel filter had become dislodged, Virgin Orbit says...
UK rocket failure is a setback, not roadblock
... The rocket suffered an " anomaly" late on Monday night after its release by a jumbo jet operated by the American Virgin Orbit company...
Boris Johnson erased from Grant Shapps spaceport picture
... A jumbo jet operated by the American Virgin Orbit company carried a rocket out of Newquay, Cornwall, to release it over the Atlantic Ocean...
UK space launch: Historic Cornwall rocket launch ends in failure
... A jumbo jet operated by the American Virgin Orbit company carried a rocket out of Newquay, Cornwall, to release it high over the Atlantic Ocean...
Virgin Orbit: Sir Richard Branson's rocket company lays off 85% of staff
By Annabelle LiangBusiness reporter
British billionaire Sir Richard Branson 's Rocket company Virgin Orbit says it will lay off 85% of staff after failing to secure new investment.
The Firm will also cease operations for the foreseeable future, according to media reports.
It Comes weeks after The Company paused operations in an apparent attempt to shore up its finances.
Earlier this year, a Virgin Orbit Rocket failed to complete The First ever satellite launch from UK soil.
The Company 's shares plunged by More Than 44% in after-hours trading in New York on Thursday .
, Virgin Orbit said it made the decision " in order to reduce expenses in light of The Company 's inability to secure meaningful funding. "
The layoffs will impact approximately 675 employees who " are located in all areas of The Company . "
It said that Sir Richard's investment firm Virgin Investments has injected $10. 9m (£8. 8m) into Virgin Orbit " to fund severance and other costs related to the workforce reduction".
Virgin Orbit said it expects payments to laid off staff and other costs to total around $15m.
It Comes amid media reports that The Company will cease operations for the foreseeable future.
" We have no choice but to implement immediate, dramatic and extremely painful changes, " Virgin Orbit chief executive Dan Hart said at a meeting with employees, according to CNBC, which first reported The News .
Virgin Orbit did not immediately respond to a BBC request for comment.
The Firm , which was founded in 2017, has not turned a profit as a public company.
It develops rockets to carry small satellites and is part of Sir Richard's business empire, which includes airline Virgin Atlantic and space tourism company Virgin Galactic .
In January, Virgin Orbit attempted the.
The Company 's LauncherOne Rocket - which was launched from the Boeing 747 aircraft Cosmic Girl - Reached space but fell short of reaching its target orbit.
The Mission was billed as a milestone for UK Space Exploration . It was hoped it would mark a major Step Forward in fulfilling an ambition to turn the country into a global Player - from manufacturing satellites to building rockets and creating new spaceports.
Earlier this month, and " anticipates providing an update on go-forward operations in The Coming weeks. "
Related TopicsSource of news: bbc.com
