Air Transat Reaches Tentative Agreement With Pilots, Avoids Strike and Restores Normal Operations 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
EssilorLuxottica Bets on AI-Powered Smart Glasses as Competition Intensifies 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Trello Outage Disrupts Users as Access Issues Hit Atlassian’s Work Management Platform 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
SpaceX Edges Toward Landmark IPO as Elon Musk Confirms Plans 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Gulf Sovereign Funds Unite in Paramount–Skydance Bid for Warner Bros Discovery 
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.
