FILE – A repurposed Virgin Atlantic Boeing 747 aircraft, named Cosmic Girl, carrying Virgin Orbit’s LauncherOne rocket, takes off from Spaceport Cornwall at Cornwall Airport, Newquay, England, on Jan. 9, 2023. Virgin Orbit said Thursday March 16, 2023 it is pausing all operations amid reports that the company is furloughing almost all its staff as part of a bid to seek a funding lifeline. (Ben Birchall/PA via AP)

Richard Branson’s Virgin Orbit is filing for Chapter 11 bankruptcy protection after a failed mission and increasing difficulty in raising funding for future operations. The company laid off most of its staff on Friday and in and told the U.S. Bankruptcy Court for the District of Delaware in a filing Monday that it was looking to sell its assets. Virgin Orbit said in a statement that it has secured $31.6 million in debtor-in-possession financing from Branson’s Virgin Investments Ltd.