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<p>Virgin Orbit, the satellite launch company owned by billionaire Richard Branson will cease operations permanently, just months after filing for bankruptcy. The company, which aimed to send small satellites into space, revealed it was closing for good after auctioning its main assets for just over $36 million.&nbsp;</p>

<p>The auctioned asset sum managed by the California-based company is barely one per cent of the value it reached at its peak in late 2021 when Wall Street pegged it around $3.5 billion.&nbsp;&nbsp;</p>

<p>Rocket Lab, a growing launch start-up with an office across the road from Virgin Orbit's headquarters in California brought the company's rocket factory and equipment for $16.1 million. The converted 747 jets were sold to Startolaunch - the world's biggest aircraft maker for an astonishingly low $17 million.&nbsp;</p>

<p>The company's launch site and its lease in the Mojave desert were bought for $2.7 million by a third space company, Launcher Inc.&nbsp;</p>

<p><a href="https://www.wionews.com/business-economy/richard-bransons-virgin-orbit-files-for-bankruptcy-578950" target="_blank"><strong>ALSO READ | Richard Branson's Virgin Orbit files for bankruptcy</strong></a></p>

<h2><b>Legacy will be remembered: Virgin Orbit</b></h2>

<p>In a statement about the impending closure, Virgin Orbit thanked its employees and stakeholders and said the company will be remembered for its "groundbreaking technologies".&nbsp;</p>

<p>“Throughout its history, Virgin Orbit has been at the forefront of innovation and has made substantial contributions to the field of commercial rocket launch. Virgin Orbit's legacy in the space industry will forever be remembered,” the company said.</p>

<p>"The combined total proceeds were determined by a rigorous and competitive auction which maximises value for the estate and minimizes the remaining duration of the Company’s restructuring," it added.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/richard-bransons-virgin-orbit-files-for-chapter-11-bankruptcy-579048"><strong>WATCH |&nbsp;</strong></a><strong><a href="https://www.wionews.com/videos/virgin-orbit-company-ceases-operations-for-a-week-seeks-additional-funding-572512" target="_blank">Richard Branson's Virgin orbit files for Chapter 11 bankruptcy</a></strong></p>

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<h2><strong>Branson's dream goes bust</strong></h2>

<p>Prior to filing bankruptcy in the US Bankruptcy Court for the District of Delaware, the company laid off roughly 85 per cent of its 750 employees. According to reports, the remaining employees will be laid off within the next week.&nbsp;</p>

<p>"At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalise an efficient and value-maximising sale," Virgin Orbit CEO Dan Hart said in a statement at the time.&nbsp;</p>

<p>Virgin Orbit went public in 2021 as an extension of Branson's space tourism firm Virgin Galactic, which was formed in 2017. The company undertook its sixth mission in January with its centrepiece LauncherOne rocket. However, the rocket launch was a catastrophe as it failed to reach orbit while the payload aboard plunged into the ocean.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

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Virgin Orbit, the satellite launch company owned by billionaire Richard Branson will cease operations permanently, just months after filing for bankruptcy. The company, which aimed to send small satellites into space, revealed it was closing for good after auctioning its main assets for just over $36 million.

Virgin Orbit, the satellite launch company owned by billionaire Richard Branson will cease operations permanently, just months after filing for bankruptcy. The company, which aimed to send small satellites into space, revealed it was closing for good after auctioning its main assets for just over $36 million. The auctioned asset sum managed by the California-based company is barely one per cent of the value it reached at its peak in late 2021 when Wall Street pegged it around $3.5 billion. Rocket Lab, a growing launch start-up with an office across the road from Virgin Orbit's headquarters in California brought the company's rocket factory and equipment for $16.1 million. The converted 747 jets were sold to Startolaunch - the world's biggest aircraft maker for an astonishingly low $17 million. The company's launch site and its lease in the Mojave desert were bought for $2.7 million by a third space company, Launcher Inc. ALSO READ | Richard Branson's Virgin Orbit files for bankruptcy Legacy will be remembered: Virgin Orbit In a statement about the impending closure, Virgin Orbit thanked its employees and stakeholders and said the company will be remembered for its "groundbreaking technologies". “Throughout its history, Virgin Orbit has been at the forefront of innovation and has made substantial contributions to the field of commercial rocket launch. Virgin Orbit's legacy in the space industry will forever be remembered,” the company said. "The combined total proceeds were determined by a rigorous and competitive auction which maximises value for the estate and minimizes the remaining duration of the Company’s restructuring," it added. WATCH | Richard Branson's Virgin orbit files for Chapter 11 bankruptcy × Branson's dream goes bust Prior to filing bankruptcy in the US Bankruptcy Court for the District of Delaware, the company laid off roughly 85 per cent of its 750 employees. According to reports, the remaining employees will be laid off within the next week. "At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalise an efficient and value-maximising sale," Virgin Orbit CEO Dan Hart said in a statement at the time. Virgin Orbit went public in 2021 as an extension of Branson's space tourism firm Virgin Galactic, which was formed in 2017. The company undertook its sixth mission in January with its centrepiece LauncherOne rocket. However, the rocket launch was a catastrophe as it failed to reach orbit while the payload aboard plunged into the ocean. (With inputs from agencies) WATCH WION LIVE HERE:

Richard Branson's Virgin Orbit auctions remaining assets as company set to fold

<p>Richard Branson's Virgin Orbit Holdings filed for Chapter 11 bankruptcy in the US on Tuesday. The satellite launch company failed to secure new investment after a rocket launch failed in January. The California-based company had stopped operations weeks ago and lodged the filing in the US Bankruptcy Court for the District of Delaware. It is trying to secure a buyer for its assets.&nbsp;</p>

<p>Virgin Orbit laid off roughly 85 per cent of its 750 employees last week.</p>

<p>"At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalise an efficient and value-maximising sale," Virgin Orbit CEO Dan Hart said in a statement.</p>

<p>Hart added that the company had "taken great efforts" to address its finances and secure more funding, but "we ultimately must do what is best for the business".</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/world/woman-falls-to-death-from-balcony-of-virgin-voyages-cruise-ship-578961">Woman falls to death from balcony of Virgin Voyages cruise ship</a></p>

<p>Assets worth $243 million were listed in the filing, besides its total debt as being $153.5 million as of September 30.&nbsp;</p>

<p>Virgin Orbit went public in 2021 and the finances it raised were $255 million less than expected. It is an extension of Branson's space tourism firm Virgin Galactic and was formed in 2017. Virgin Orbit air-launches rockets from beneath a modified Boeing 747 plane to send satellites into orbit.</p>

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<p>&nbsp;</p>

<p>It undertook its sixth mission in January with its centrepiece LauncherOne rocket, the first rocket launch from UK soil, but it failed to reach orbit and sent its payload of US and UK intelligence satellites plunging into the ocean.</p>

<p>The Virgin Group has an approximately 75 per cent share in Virgin Orbit. It has been finding it hard to secure new funding after the January rocket failure. It was forced to halt operations and furlough nearly all its employees on March 15.</p>

<p><em>(With inputs from agencies)&nbsp;</em></p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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Richard Branson's Virgin Orbit Holdings filed for Chapter 11 bankruptcy in the US on Tuesday. The satellite launch company failed to secure new investment after a rocket launch failed in January.

Richard Branson's Virgin Orbit Holdings filed for Chapter 11 bankruptcy in the US on Tuesday. The satellite launch company failed to secure new investment after a rocket launch failed in January. The California-based company had stopped operations weeks ago and lodged the filing in the US Bankruptcy Court for the District of Delaware. It is trying to secure a buyer for its assets. Virgin Orbit laid off roughly 85 per cent of its 750 employees last week. "At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalise an efficient and value-maximising sale," Virgin Orbit CEO Dan Hart said in a statement. Hart added that the company had "taken great efforts" to address its finances and secure more funding, but "we ultimately must do what is best for the business". Also Read | Woman falls to death from balcony of Virgin Voyages cruise ship Assets worth $243 million were listed in the filing, besides its total debt as being $153.5 million as of September 30. Virgin Orbit went public in 2021 and the finances it raised were $255 million less than expected. It is an extension of Branson's space tourism firm Virgin Galactic and was formed in 2017. Virgin Orbit air-launches rockets from beneath a modified Boeing 747 plane to send satellites into orbit. × It undertook its sixth mission in January with its centrepiece LauncherOne rocket, the first rocket launch from UK soil, but it failed to reach orbit and sent its payload of US and UK intelligence satellites plunging into the ocean. The Virgin Group has an approximately 75 per cent share in Virgin Orbit. It has been finding it hard to secure new funding after the January rocket failure. It was forced to halt operations and furlough nearly all its employees on March 15. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Richard Branson's Virgin Orbit files for bankruptcy

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Richard Branson's Virgin Orbit auctions remaining assets as company set to fold

Richard Branson's Virgin Orbit files for bankruptcy