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.

Similar Stories

• Airline Troubles: Why Go Air is Going Bankrupt!
• U.S. might run out of money in June!
• Tupperware in Trouble: What Happened?
• Clothing brand Forever 21 files for bankruptcy

Curious Times is a leading newspaper and website for kids. We publish daily global news aligned to your learning levels (also as per NEP 2020): Foundational, Preparatory (Primary), Middle and Senior. So, check out the News tab for this. We bring kids’ favourite Curious Times Weekly newspaper every weekend with top news, feature stories and kids’ contributions. Check out daily JokesPoke, Tongue Twisters, Word of the Day and Quote of the Day, kids need it all the time.

ME – My Expressions at Curious Times is your place to get your work published, building your quality digital footprint. And it is a good way to share your talent and skills with your friends, family, school, teachers and the world. Thus, as you will step into higher educational institutes your published content will showcase your strength.

Events, Quizzes and Competitions bring students from over 5,000 schools globally to participate in the 21st-Century themes. Here schools and students win certificates, prizes and recognition through these global events.

Sign-up for your school for FREE!

Communicate with us: WhatsApp, Instagram, Facebook, Youtube, Twitter, and LinkedIn.

  0  (Please login to give a Curious Clap to your friend.)

To post your comment Login/Signup