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Virgin Orbit has filed for bankruptcy in the US after failing to attract new investment.

Virgin Orbit, a rocket business owned by British billionaire Sir Richard Branson, has filed for bankruptcy in the US after failing to attract new investment. The satellite launch company halted operations a few weeks ago, but it still expects to sell the company.

Based in California, the firm announced last week that it would cut 85% of its 750-strong workforce. Virgin Orbit’s boss Dan Hart said that although the company had "taken great efforts" to address its finances and secure more funding, "we ultimately must do what is best for the business."

Richard Branson’s rocket firm Virgin Orbit files for bankruptcy, 750 staff at risk of losing jobs