Virgin Orbit will resume work – News – Hi-Tech – Kommersant
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British billionaire Richard Branson’s space company Virgin Orbit intends to return to work from March 23 some of the employees who were sent on unpaid leave a week earlier amid a difficult financial situation. According to Reuters citing internal letters from Virgin Orbit management to employees, small groups of specialists employed “in critical areas for the next space mission” will be returned to work. In a letter to employees, Virgin Orbit CEO Dan Hart explained that workers who have not yet been called back to work are being extended unpaid leave until at least March 27.
About the suspension of Virgin Orbit was announced March 15th. The management explained this by the need to find funds to continue the work. This was preceded failed the launch of the LauncherOne launch vehicle, which was supposed to be the first ever launch of space satellites from the UK.
The failure led to a sharp a fall Virgin Orbit shares. Almost all 750 employees of the company were sent on unpaid leave during the suspension of work. All this time, Virgin Orbit shares have been depreciating, and on March 21, its capitalization was at a record low level of $150 million. Two years ago, the company’s capitalization exceeded $3 billion.
Virgin Orbit is currently in talks to raise funding to avoid bankruptcy. According to Reutersthe company is close to signing a $200 million investment deal with Texas investor Matthew Brown.
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