Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings will extend an unpaid furlough for most of its employees as talks seeking new funding continue, the company's chief executive said in an email to employees on Monday.
The Virgin Orbit building is seen in Long Beach, California, U.S., March 22, 2023. REUTERS/Mike Blakewill extend an unpaid furlough for most of its employees as talks seeking new funding continue, the company's chief executive said in an email to employees on Monday.
Virgin Orbit, teetering on bankruptcy after a January rocket failure and struggles to raise funds, furloughed nearly all its 750 employees on March 15 while it sought a financial lifeline that would allow it to focus on upgrading its launch business. A small group of employees were called back to work last week, while the others were to remain furloughed until at least Monday when Hart had been expected to provide an update in a company-wide virtual meeting.
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