Virgin Orbit, Richard Branson's rocket-launching firm, files for bankruptcy protection.

Virgin Orbit, the satellite launch company spun off from Richard Branson's space tourism firm Virgin Galactic, has filed for Chapter 11 bankruptcy after failing to secure long-term funding following a rocket failure in January. The company is seeking a sale of its assets and has listed assets of $243m and total debt of $153.5m. Virgin Orbit had laid off roughly 85% of its 750 employees last week and secured $31.6m in new money from Virgin Investments through debtor-in-possession financing.