Virgin Orbit
- Richard Branson's Virgin Orbit rocket firm has filed for Chapter 11 bankruptcy.
- It failed to secure funding to continue operations.
- The company announced it was laying off 85% of its staff and ceasing operations "for the foreseeable future," CNBC reported last week.
Richard Branson's Virgin Orbit filed for Chapter 11 bankruptcy protection on Tuesday after it failed to secure funding to continue operations, the rocket launch company said in a statement.