Billionaire Richard Branson’s Virgin Orbit on Wednesday mentioned it was once pausing all operations from March 16 and a supply acquainted with the topic instructed Reuters that the satellite tv for pc release corporate was once additionally furloughing the vast majority of its staff.
Leader Govt Dan Hart instructed group of workers in a gathering that the furlough was once meant to shop for Virgin Orbit time to finalize a brand new funding plan to assist pull the corporate out of its monetary woes, in step with the supply, who attended the assembly.
The length of the furlough was once unclear, however Hart mentioned he would offer staff an replace by way of the center of subsequent week on when they may go back, the supply mentioned.
In a commentary to Reuters, the corporate showed the operational pause nevertheless it didn’t give main points at the furloughs.
CNBC first reported the news.
Final month, Virgin Orbit mentioned it was once investigating the failure of its mission in January to deploy 9 small satellites into decrease Earth orbit from the coastal the town of Newquay in southwest England.
The venture failure was once a significant blow to the trade and deepened its monetary struggles.
“At the ops facet, our investigation is just about entire and our subsequent manufacturing rocket with the wanted amendment included is in ultimate levels of integration and check,” the corporate mentioned on Wednesday.