Virgin Orbit Fails To Get Investors, UK Delays Printing History Of Space Launch!

Billionaire Richard Branson's Virgin Orbit appears to be in a hurry to find funds. (photo: dock. orbit virgin)

JAKARTA - CEO of Virgin Orbit Dan Hart announced to his employees where the company will extend unpaid leave for most of its workforce.

This is because the company is still seeking new funding to help continue its operations after negotiations of the deal were reported to have failed.

"Our investment discussions have been very dynamic over the past few days, are ongoing, and are not yet at a stage where we can provide updates," Hart told his employees via e-mail.

Just last week, company officials seemed optimistic that they would soon be able to continue operations and bring back some employees, even saying they would plan another launch.

Virgin Orbit is reportedly close to reaching a $200 million deal with Texas-based venture capital investor Matthew Brown.

However, one of the sources said the final phase of the discussion ended in failure and was officially canceled last week. Talks with different potential buyers also stopped at the same time.

In mid-March, Virgin Orbit experienced an operational hiatus and placed most of its 750 employees on unpaid leave due to financial problems.

Virgin Group's parent Virgin Orbit owned by billionaire Richard Branson appears to be in a hurry to seek funding for the company in an attempt to avoid bankruptcy.

Launching Engadget, Wednesday, March 29, a small team of Virgin Orbit employees returned to work last week as part of a follow-up to additional operations.

The company's future is still unclear, while they must begin preparing for the next planned rocket launch. One of the missions to be achieved this year is the second orbital launch attempt from British soil.

Due to the launch that took off from Spaceport Cornwall on January 9, it failed to reach orbit because the fuel filter was released, then they had to return to pilot flights again.