The cloth is the responsibility of the space company Virgin Orbit

Virgin Orbit, the airline owned by the famous British businessman and billionaire Richard Branson, has filed for bankruptcy in the United States after failing to raise new capital to continue its operations.

The company, which specializes in launching satellites (not to be confused with Branson’s other space company, Virgin Galactic) has run into trouble after a failed space rocket launch earlier this year. Last week it was already announced that the company had to cease operations and that the majority of employees (750 people) would be laid off.

Virgin Orbit attempted to launch the first space rocket using satellites from Western Europe in January, but that mission failed. The missile was launched from a modified Boeing 747 called Cosmic Girl that took off from southwest England. Over the Atlantic Ocean, at an altitude of just over 10 kilometers, Cosmic Girl launched a rocket, LauncherOne. But it failed to launch the nine satellite rocket into orbit, and the satellites were lost. Cosmic Girl’s plane returned to Cornwall Airport without any problems. Since the failed attempt, the company has struggled to raise new funds.

The bankruptcy comes less than two years after Virgin Orbit went public, as it was valued at nearly $3 billion. With the so-called Chapter 11 process in place, the possibility of resale is now being considered.