Virgin Orbit reportedly planning for insolvency

Working with Alvarez & Marsal and Ducera on the fallback plans, with sources telling Sky News the planning work was being run out of the US.  

The news comes days after halting its operations and furloughing its workforce while it sought new investment or a potential buyout.  

According to CNBC, the firm’s chief executive Dan Hart and other senior leadership held talks with interested parties over the weekend. The identities of the parties interested in funding the business on an ongoing basis were unclear, although one source told Sky News it’s aiming to secure additional capital during the course of this week.