Virgin Orbit has filed for Chapter 11 bankruptcy protection in the US after failing to secure the funding needed to recover from a January rocket failure.
It comes less than a week after the California-based satellite launch company said it was laying off 85% of its staff and ceasing operations for the foreseeable future.
Virgin Orbit, which is 75% owned by Sir Richard Branson’s Virgin Group, lodged the filing in the US Bankruptcy Court for the District of Delaware seeking a sale of its assets.
It listed assets and liability between $100m (£80m) and $500m (£403m).