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Matthew Brown

All articles tagged with #matthew brown

business3 years ago•6 min saved

Virgin Orbit's Bankruptcy Signals Trouble for Space Startups.

Virgin Orbit, the satellite launch company owned by Richard Branson's Virgin Group, filed for Chapter 11 bankruptcy this week after a failed scramble to avoid it. The company had been worth $3.8 billion in late 2020 and counted the US military among its biggest clients. A little-known investor called Matthew Brown had offered a $200 million rescue, but the potential deal with Brown unraveled in less than a week with Virgin Orbit severing contact and threatening to take legal action against him if he revealed confidential details about the potential investment.

via Reuters|

#bankruptcy #business #investment

business3 years ago•3 min saved

Virgin Orbit faces financial setback as talks continue.

Virgin Orbit extends its unpaid pause in operations as late-stage deal talks, including with private investor Matthew Brown, collapsed over the weekend. Talks with a different potential buyer also broke down on Sunday night. CEO Dan Hart promised daily updates this week to the company's over 750 employees. Most of the staff remain on an unpaid furlough that Hart announced on Mar. 15. The company has been looking for new funds for several months, with majority owner Sir Richard Branson unwilling to fund the company further.

via CNBC|

#business #investment #matthew-brown

space-investing3 years ago•7 min saved

Virgin Orbit seeks funding for incremental return to work.

Virgin Orbit, the rocket builder founded by Richard Branson, has announced a partial resumption of operations after private investor Matthew Brown injected $200m into the company. Brown's investment comes as Branson's Virgin Group shopped around for a debtor-in-possession loan over the past few weeks. Even with the new investment, Virgin Orbit will need to consider downsizing the workforce and making the business more lean. SpaceX is reportedly in talks with Saudi and Emirati investors for new funding, while Terran Orbital reached near $100m in revenue last year.

via CNBC|

#matthew-brown #rocket-launch #space-industry

business3 years ago•2 min saved

Virgin Orbit Secures $200 Million Funding from Investor Matthew Brown

Virgin Orbit is in final talks to raise $200 million from Texas-based investor Matthew Brown, who would get a controlling stake in the rocket builder. The parties aim to close the deal as soon as Thursday. The deal comes as Virgin Orbit scrambles to rebuild its cash coffers and avoid a potential bankruptcy filing. The cash infusion comes at a critical moment in Virgin Orbit's rocket development, as the company has been looking for new funds for several months.

via CNBC|

#business #funding #investment

business3 years ago•2 min saved

Virgin Orbit Secures $200M Funding from Investor Matthew Brown

Virgin Orbit is reportedly close to securing a $200 million investment from Texas-based venture capital investor Matthew Brown via a private share placement, according to a term sheet seen by Reuters. The space startup has been struggling with dwindling cash and mounting losses in recent quarters in a highly competitive market. The deal, which is not binding and remains subject to final agreement, would be a boost of confidence for the company. Virgin Orbit's market capitalization slumped to a record low of $150 million on Tuesday from more than $3 billion two years ago when it went public through a blank-check deal.

via Reuters|

#business #financial-struggles #investment