Billionaire Richard Branson's Virgin Orbit satellite company has filed for bankruptcy in the US.
It says it still hopes to find a buyer for the business but announced last week it was cutting 85% of its workforce.
Virgin Orbit's attempted first ever satellite launch from UK soil failed earlier this year.
Financial analyst Danni Hewson from AJ Bell says the bankruptcy news follows a difficult period for the firm.
IN: 'It's been...
OUT: ...debt .'
DUR: 27 seconds
http://www.fsnradionews.com/feeds/0304virgin-hewson1.mp3
It says it still hopes to find a buyer for the business but announced last week it was cutting 85% of its workforce.
Virgin Orbit's attempted first ever satellite launch from UK soil failed earlier this year.
Financial analyst Danni Hewson from AJ Bell says the bankruptcy news follows a difficult period for the firm.
IN: 'It's been...
OUT: ...debt .'
DUR: 27 seconds
http://www.fsnradionews.com/feeds/0304virgin-hewson1.mp3