Virgin Orbit has resumed operations after a one-week break. The rocket builder has vowed to focus on critical areas of the next mission as it gradually resumes operations. The move followed an unsuccessful attempt to launch satellites into space last year, which prompted the company to seek additional funding to stay afloat. A potential buyer had also arisen, but negotiations stalled over the weekend. With the agreement reportedly settled, Virgin Orbit has secured a private equity placement worth $200m from Texas investor Matthew Brown.
The week-long hiatus saw Virgin Orbit come close to bankruptcy. According to CNBC, employees are already seeking new work with other companies. Two firms were drawn up emergency plans for possible bankruptcy, while Alvarez & Marsal and Ducera Partners have been contacted to work on restructuring should it be necessary. The market value of Virgin Orbit plunged to a record low of just $150m.
Virgin Orbit has not yet specified the date of the next launch. In December last year, its LauncherOne rocket carried nine small satellites and reportedly overheated during the mission, leading to the failure of the mission. Following this setback, the company had put its operations on hold to reorient itself.
