Richard Branson's Virgin Orbit has filed for Chapter 11 bankruptcy, according to a report in Reuters. As per the report, Virgin Orbit has reportedly filed for Chapter 11 bankruptcy after the satellite launch company failed to secure the long-term funding it needed to recover from the January rocket failure. The development comes days after the company laid off about 85 percent of its 750 employees. "We ultimately must do what is best for the business," the company's CEO Dan Hart said in a statement. Virgin Orbit Layoffs: Richard Branson’s Rocket Company Sacks 85% of Its Workforce.

Virgin Orbit Files for Bankruptcy

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