After failing to find the long-term finance required to help it recover from a rocket failure in January, Virgin Orbit Holdings, the satellite launch firm owned by Richard Branson, filed for Chapter 11 bankruptcy on Tuesday.
After announcing the layoffs of around 85% of its 750 workers last week, the Long Beach, California-based firm filed the petition in the U.S. Bankruptcy Court for the District of Delaware, asking for a sale of its assets.
In the filing, the corporation reported $100 million to $500 million in assets and liabilities.
