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Richard Branson‘s Virgin Orbit VORB is reportedly planning to return a small group of employees on Thursday.
What Happened: Virgin Orbit plans to bring back a small group of employees on Thursday to work on rocket upgrades, reported Reuters, citing three people familiar with the matter. Last week, Virgin Orbit said it is halting all its operations and furloughed nearly all of its 750 employees.
However, on Tuesday night, Virgin Orbit CEO Dan Hart sent an email to employees announcing the return of a few staff, the report said. The number of people to return to work is not clear.
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Earlier this week, it was reported that Branson’s commercial space satellite venture is working with restructuring firms on fallback plans for its insolvency days in the event that it cannot secure new funding.
The company halted all operations starting March 16 to bring the company out of its financial crisis. Virgin Orbit’s financial constraints were further aggravated after it failed to deploy nine small satellites into lower Earth orbit early this year.
The company is presently in talks with multiple investors about funding to recommence operations.
Since listing on the Nasdaq in May 2021, Virgin Orbit shares fell 95.4% until the last close.
Read More: Elon Musk Says SpaceX To Deliver 80% Of Earth’s Payload To Orbit This Year
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Image and article originally from www.benzinga.com. Read the original article here.