To All:
I thought this was a good article on What Went Wrong with Virgin Orbit on the
CNBC web site.
Virgin Orbit: What went wrong with Richard Branson's company (cnbc.com)
A few excerpts:
"Given the company’s burn rate near $50 million a quarter, Virgin Orbit was
targeting profitability once it got beyond a launch rate, or cadence, of a
dozen missions per year."
A dozen launches a year for a continuing launch business was at least a good
place to start. They were nowhere near that. See the next quote.
"While Virgin Orbit had aimed to launch seven missions last year, that number
was steadily guided down quarter after quarter, closing out 2022 with just two
completed lunches – the same as the year before."
Another excerpt:
"Branson, Virgin Orbit’s largest stakeholder, was unwilling to fund the company
further, as CNBC previously reported. Instead, he began hedging against his 75%
equity stake through a series of debt rounds. That debt gives the flashy
British billionaire first priority of Virgin Orbit assets in the event of the
now-impending bankruptcy."
"first priority on assets in event of the now-impending bankruptcy". This
supports the "Branson gets the assets" theory, whatever it will be worth to get
them. As other have noted, I don't think the assets will be useful without the
associated personnel.
Charles E. (Chuck) Rogers