Richard Branson’s Virgin Orbit files for bankruptcy

[Vorastra]

https://edition.cnn.com/2023/04/04/business/virgin-orbit-bankruptcy/

Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy in the United States.

The California-based company said in a statement Monday that it had filed for Chapter 11 bankruptcy, meaning that it can continue doing business while it restructures its debts.

“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,” Dan Hart, chief executive of Virgin Orbit, said in the statement posted on its website.

 

[RaptorSA]

Turns out pointless, fanciful high atmosphere hops so the rich and famous can have their ooh-aah moment isn't profitable.
Who'd a thunk it?

 

[Tokolosk]

Was a cool concept while it lasted. Hope that research proves useful down the line.

 

[Gordon_R]

Turns out pointless, fanciful high atmosphere hops so the rich and famous can have their ooh-aah moment isn't profitable.
Who'd a thunk it?

Different companies...

Edit: Already hinted at last week:

Virgin Orbit shuts down operations

Virgin Orbit shuts down operations Virgin Orbit Holdings Inc., the satellite-launch company tied to British billionaire Richard Branson, is ceasing operations indefinitely, succumbing to growing cash-crunch pressures that have paralyzed startups in many emerging technologies. The company said...

mybroadband.co.za

 

[RaptorSA]

Different companies...

Blue Origin and Virgin Orbit are pretty much targeting the same "space tourism" crowd as part of their funding agenda.

 

[ForceFate]

Turns out pointless, fanciful high atmosphere hops so the rich and famous can have their ooh-aah moment isn't profitable.
Who'd a thunk it?

Virgin Galactic vs Virgin Orbit.

 

[ForceFate]

Blue Origin and Virgin Orbit are pretty much targeting the same "space tourism" crowd as part of their funding agenda.

Nope about Virgin Orbit

 

[Jet-Fighter7700]

at least they gave a 747 an interesting job

 

[backstreetboy]

https://mybroadband.co.za/forum/threads/virgin-orbit-shuts-down-operations.1231771/ OP was beaten by a Bloomberg bot.

 

[Vorastra]

https://mybroadband.co.za/forum/threads/virgin-orbit-shuts-down-operations.1231771/ OP was beaten by a Bloomberg bot.

That article is not about declaring bankruptcy, it's about ceasing operations.

This is a new development.

 

[backstreetboy]

That article is not about declaring bankruptcy, it's about ceasing operations.

This is a new development.

Same difference. The company is no more.

 

[Pegging]

Branson can’t get it up anymore.

 

[Sideshow Bob]

One is not a true billionaire till one bankrupts its companies.

company founded by British billionaire Richard Branson

 

[Vorastra]

Same difference. The company is no more.

Cool

 

[rvZA]

One rolls over the other will follow. Was nice to have the money while it lasted. If Richard jumps fast he could get front row tickets for soup kitchens and evening rooms to rent on the streets.

 

[konfab]

One is not a true billionaire till one bankrupts its companies.

It’s not like they don’t have money to burn.

They can take the risks that us non-BEE people cannot.

 

[ForceFate]

One rolls over the other will follow. Was nice to have the money while it lasted. If Richard jumps fast he could get front row tickets for soup kitchens and evening rooms to rent on the streets.

He's still a billionaire.

 

[ShaunSA]

He's still a billionaire.

MyBB Expert reasoning. They do the same with Eelawn

 

[NarrowBandFtw]

 

[NarrowBandFtw]

fun fact: usually when creepy rich men orbit virgins they are called pedos