Cash-strapped satellite launcher Virgin Orbit Holdings is close to securing a $200M lifeline from Texas-based investor Matthew Brown.
On Wednesday, the company said it plans to gradually resume operations after pausing all activities and furloughing most employees last week.
- Virgin
Orbit, founded by British billionaire Richard Branson, paused its
operations two months after it experienced a mid-flight rocket failure
during its first satellite launch attempt out of the U.K.
- Brown
and Virgin Orbit began engaging in talks last week. Under the proposed
deal, Brown would gain a controlling stake in the satellite launch
company via a private share placement.
- In a statement today,
Virgin Orbit said it plans to have a subset of its team return to work
on Thursday "to focus on critical areas for our next mission."
- This is the “first step” in an “incremental resumption of operations," according to CEO Dan Hart.
- In
addition to talks with potential investors, the company is exploring
other strategic opportunities as it seeks to restock its coffers and avert a possible bankruptcy.
