Virgin Orbit shuts down: No more rockets!
Recommended for Middle Grades
Virgin Orbit is having money problems and is looking for someone to buy the company. They launch rockets from special planes to put satellites into space.
What is Virgin Orbit?
A company that launches satellites
What is bankruptcy?
Bankruptcy is when a person or a business owes too much money and can’t pay it back.
Important Details
- Virgin Orbit is a company that sends things, like satellites, into space.
- The company belongs to a man named Sir Richard Branson.
- But the company didn’t have enough money, so it had to stop working and sold most of its stuff.
- Earlier this year, the company tried to send a satellite into space from the UK, but it didn’t work.
- The company tried to get more money, but it couldn’t, so it had to close.
- Now, the company is looking for someone else to buy it so that it can start working again.
Why do companies file for bankruptcy?
- Firstly, companies may file for bankruptcy when they owe more money than they can pay back.
- For example, this could happen if they spend too much money, don’t make enough sales, or have unexpected expenses.
- Secondly, bankruptcy could also help companies get a fresh start.
- In other words, when a company files for bankruptcy, it can get help to reorganise its debt or make a plan to pay back what it owes.
- Thirdly, bankruptcy could also help protect companies from creditors.
- So, when a company files for bankruptcy, it gets protection from creditors who might try to take its assets or sue it for money it owes.
- Thus, this can give the company time to get back on its feet and keep operating.
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