Satellite launch provider
The filing was made in the
"While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business,"
"At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale."
Founded by British billionaire Sir
However, its filing for bankruptcy comes some three months after it failed to put nine satellites into orbit in January. It was to be the first-ever satellite launch from British soil.
Last month,
In its announcement Tuesday,
Upon approval, Chapter 11 protection is expected to make available the liquidity necessary for
"I'm incredibly grateful and proud of every one of our teammates, both for the pioneering spirit of innovation they've embodied and for their patience and professionalism as we've managed through this difficult time," Hart said.
"Today, my thoughts and concerns are with the many talented teammates and friends now finding their way forward who have been committed to the mission and promise of all that
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