Virgin Orbit no more?
Rocket company files for bankruptcy
Virgin Orbit, an offshoot of Virgin galactic has declared that it is bankrupt. The company, which aims to launch satellites into space using a rocket launched from a converted passenger jet at cruising altitude announced that it has run out of money to continue operating.
The BBC has reported that the company may have been affected by the recent turmoil in the hi tech banking sector, effectively failing to gain the expected funds that it needed to continue development.
This raises a question about what happens to hi-tech firms when they go out of business? Is that the end of the road? Often, the sheer cost of investment in a business of this nature is astronomical (no pun intended) but the concept may be sound, and another owner will be able to make a success of it without the debt of those set-up costs hanging over them.
Indeed, the argument has already been made that this is a growing industry with already high demand which could mean that if a buyer can be found, the business may return to developing the platform and start launching commercial satellites in future.
One thing is for sure though, running or investing in a hi-tech company with very high start-up costs is always a risky business and the lending rates usually reflect this.
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