Richard Branson 's Virgin Orbit is shutting down less than two months after the satellite launch start-up filed for Chapter 11 bankruptcy protection , according to a Tuesday company announcement. Virgin Orbit will cease operations and sell its assets to four winning bidders, the company announced Tuesday. "Virgin Orbit's legacy in the space industry will forever be remembered," Virgin Orbit said in a Tuesday statement. "The move to sell and cease operations arrives amid a tumultuous period for the Long Beach, California-based company. On April 4, Virgin Orbit filed for bankruptcy protection shortly after laying off about 85% of its workforce .

Source: Economic Times May 24, 2023 21:52 UTC