Virgin Orbit pauses operations for a week, furloughs nearly entire staff as it seeks funding
Publishing timestamp: 2023-03-15 20:24:55
Summary
Virgin Orbit is furloughing nearly all its employees and pausing operations for a week as it looks for funding. The company had $71.2 million in cash on hand at the end of the third quarter, with a $42.9 million adjusted EBITDA loss, and has since raised about $55 million in debt via an arm of Richard Branson's Virgin Group. The furlough is unpaid, and only a small team will continue to work. The company plans to give an update on go-forward operations in the coming weeks.
Sentiment: NEGATIVE
Tickers: VORB,
Keywords: breaking news: business, business news, richard branson, the edge, transportation, virgin orbit, aerospace and defense industry, space industry, breaking news: technology, technology, business,
Source: https://www.cnbc.com/2023/03/15/virgin-orbit-pauses-operations-furloughs-staff.html