The California-based company lodged a filing with the US Bankruptcy Court for the District of Delaware as it seeks a sale of the remaining business.
The chapter under which it filed – Chapter 11 – generally allows for the reorganisation of a struggling company, aimed at keeping the business alive and paying creditors over time.
Virgin Orbit has been facing financial difficulties since its rocket failed to complete the first satellite launch from UK soil in January. Last week, the company fired 85 per cent of its workforce and paused all its operations.
“While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business," Dan Hart, Virgin Orbit's chief executive, said while announcing the news.
“We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the company. At...