Anthropic Brings Claude AI Models to Microsoft Azure Foundry With NVIDIA Blackwell GPUs 
UK House Prices Hold Steady in June as Annual Growth Misses Forecasts 
UN Chief Urges Nations to Close $100 Million UNRWA Funding Gap 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
Super Micro Shares Slide After Taiwan Raids Over Alleged Nvidia AI Chip Smuggling Probe 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Morgan Stanley Names BAE Systems Top European Defence Stock Despite Lower Price Target 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
China Manufacturing PMI Edges Higher in June as Exports and AI Investment Boost Growth 
Asian Stocks Mixed as South Korea Slides on Profit-Taking, Japan and China Gain on Strong Factory Data 
Wall Street Futures Rise Ahead of JOLTS Data, Nike Earnings, and U.S.-Iran Talks 
SoftBank Shares Slide as OpenAI IPO Delay Concerns Weigh on AI Investment Outlook 
Baige Online Shares Soar 333% in Hong Kong IPO Debut as AI Insurance Demand Lifts Chinese Listings 
Trump Suspends Some Morocco Fertilizer Tariffs to Ease U.S. Supply Shortage 
South32 Sells Major Aluminium Assets to Alcoa in Deal Worth Up to $5.6 Billion 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
Trump Urges Gasoline Retailers to Cut Prices to $2.50 Per Gallon, Warns of Legal Action 
Virgin Orbit Holdings, owned by Richard Branson, filed for Chapter 11 bankruptcy on Tuesday, April 4. The move comes after the unsuccessful satellite launch earlier this year and the company’s failure to secure its needed funding.
Virgin Orbit has been seeking long-term funding to help the company get back on its feet after the failed rocket launch in January. It said that it would continue to do business while it is looking for a buyer.
According to Reuters, the rocket company based in Long Beach, California, filed pertinent documents with the U.S. Bankruptcy Court for the District of Delaware. It stated in the filing that it is looking to sell its assets following the staff layoff that will affect about 85% of its total workforce. The job cuts were announced just last week.
Virgin Orbit listed assets worth around $243 million with a total debt of $153.5 million as of September 2022. The company went public in 2021 via a blank check deal and raised just $255 million, which was less than the expected amount.
"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," Virgin Orbit’s chief executive officer, Dan Hart, said in a statement after the company filed for bankruptcy.
The CEO further said, “We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the company and at this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale."
Virgin Orbit was established in 2017 as a spin-off of Richard Branson's Virgin Galactic space tourism venture. It was also created to market the LauncherOne rocket.
