SPACE: Virgin Orbit Files For Bankruptcy, Looks For Buyer.

In an April 3 filing, Virgin Orbit said it decided to begin Chapter 11 proceedings “in order to effectuate a sale.”

Dan Hart, Virgin Orbit CEO, said that after failing to secure additional financing, “we ultimately must do what is best for the business.”

“We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the company. 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,” Hart said in a statement.

To help fund the process and protect its operations, Virgin Orbit has received a commitment from billionaire founder Richard Branson’s Virgin Investments Limited for $31.6 million in debtor-in-possession (DIP) financing, Virgin Orbit said. Once approved by the bankruptcy court, the DIP financing should provide Virgin Orbit with the necessary liquidity to continue operating as it tries to find a buyer.

Sad, but the writing has been on the wall for a while now.