Virgin Orbit’s LauncherOne rocket is currently on display in Times Square, New York.
CNBC | Michael Sheetz
According to sources familiar with the matter, Virgin Orbit is urgently seeking a funding lifeline to avoid bankruptcy, which could occur as early as this week if a deal is not reached.
Last week, the rocket builder halted operations and furloughed most of its staff while searching for new investment or a potential buyout, as CNBC previously reported.
Virgin Orbit CEO Dan Hart and other senior leaders have been in daily discussions with interested parties over the weekend, the sources said. They requested anonymity to discuss internal matters.
During an all-hands meeting last week, Hart informed employees that the company hoped to provide an update on the situation by Wednesday.
Meanwhile, top talent is already seeking new opportunities: many of Virgin Orbit’s approximately 750 employees, including executives, senior and lead engineers, and program managers, are exploring other job openings.
2023-03-20 15:13:04
Source from www.cnbc.com