Virgin Orbit halts operations and furloughs staff amid funding search.
TL;DR
Virgin Orbit has announced an "operational pause" and furloughed its staff for at least a week due to financial issues. The company has raised $60 million in loans from Virgin Investments Limited since November, all secured by its assets, including its Boeing 747 aircraft. The company has not released updated financial results since November 2022 and has suffered a technical setback in January when its first LauncherOne mission failed to reach orbit. The investigation into that failure is nearly complete, and the company's next production rocket is in the final stages of integration and test.
Topics:businessspace-industry#financial-issues#launcherone#loans#operational-pause#space-industry#virgin-orbit
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