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Rocket company, Virgin Orbit has filed for Bankrupty

Virgin Orbit has filed for Bankruptcy, is the UK's future as a space power at risk.

By RavenSplat Tue 18 Apr, 2023 3:37 PM
Californian based rocket company Virgin Orbit, has filed for bankruptcy. This follows an attempt to launch the ‘Launcher One’ rocket in the first full scale test back in January which had a second stage rocket error.

Virgin Orbit aims to provide a cheaper way to launch satellites into orbit. This was done by launching rockets from under a modified Boeing 747 after the aircraft reached a set altitude. This would allow fuel costs to be reduced, as instead of launching straight up the rockets could aim towards the horizon while increasing altitude slowly. This also allows the rockets to take more advantage of the earth rotation in order to gain speed for establishing satellites in orbit.

Following 4 successful launches in the US in 2021 and 2022, a launch was planned from the UK in 2023. In January 2023 Launcher One was launched from Spaceport Cornwall, a UK Space Agency site in the South of the UK that was meant to be the UK’s big push into the new space race. The Boeing 747, named Cosmic Girl, took off and all reached cruising altitude and has a successful rocket separation, followed by a successful firing of the stage one rocket.

However the second stage rocket failed was lost along with the payload of satellites. This was due to a fuel filter issue overheating the engine and causing it to cut out early. This was the first launch of satellites from Spaceport Cornwall and was hoped to be a major mark in the UK increasing it’s space power.

Virgin Orbit has filed for Chapter 11 bankruptcy in the United States of America. This allows the company to keep operating and adds extra protection to investors. To aid in reducing its financial difficulties 85% of the staff have been laid off. In response to this, former Chief Operating Officer of Virgin Galactic, Tony Gingiss said, "you deserved better than this!" and continued to say, "You simply did not have the leadership or opportunity to demonstrate to the world what you can fully do and how this product could be an enduring force in the market."

Virgin Orbit has yet to find a buyer to support itself, but Virgin Investments has given then $31.6 Million to keep them afloat until one is found. However none has been found so far and if none are found it is worried for the company may go bankrupt. This would also put the future of Spaceport Cornwall at risk unless another company to spearhead launches from this site can be found and with this sector taking up 1,800 jobs and generating £17.5 Billion in 2021 the UK Government will certainly be trying to ensure a buyer or replacement is found.

What do you think about Virgin Orbit going bust? Do you think this will affect the future of space exploration? Let us know below!

WRITTEN BY RavenSplat
EDITED BY Solace
IMAGES SOURCED FROM Ukspace.org - VirginOrbit.com
4 Comments
Tue 18 Apr, 2023 7:01 PM
This is sad news indeed, although in truth, I never really believed that this method of satellite delivery (or indeed space tourist or astronaut delivery) was ever really viable considering the strides SpaceX and of course Blue Origin have made in private sector space flight.

The old "sling it under a 747" is not going to cut it these days.
Tue 18 Apr, 2023 9:23 PM
This is sad news indeed, although in truth, I never really believed that this method of satellite delivery (or indeed space tourist or astronaut delivery) was ever really viable considering the strides SpaceX and of course Blue Origin have made in private sector space flight.

The old "sling it under a 747" is not going to cut it these days.
I admit I was hopeful but skeptical. Might work for micro-satellites that are becoming more common for smaller companies. Will have to see how this ends up and if anyone else picks it up.
Wed 24 May, 2023 10:40 AM
New update for Those interested. Virgin Orbit has failed to find a buyer and is now officially selling all of its assets and permanently ceasing all operations. No luck for the new satellite launching method in this situation.
Wed 24 May, 2023 5:42 PM
New update for Those interested. Virgin Orbit has failed to find a buyer and is now officially selling all of its assets and permanently ceasing all operations. No luck for the new satellite launching method in this situation.
This is sad news for the UK Space Industry, but I'm confident that micro launch systems will be going head across the UK. This won't be the end of Spaceport Cornwall either, I bet.