Virgin Orbit files for bankruptcy protection in US after failing to find funding

Move by firm founded by Sir Richard Branson comes days after 85% cut of workforce announced

Virgin Orbit, the satellite launch company founded by the billionaire Sir Richard Branson, has filed for bankruptcy protection in the US after last-ditch efforts to find funding for the struggling space firm fell through.

It comes less than a week after the company announced it was cutting 85% of its workforce, leaving roughly 100 employees to run what was left of the business. The US-based firm will now seek a buyer for its assets.