Virgin Orbit Crashes into Bankruptcy
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 4 April 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
Our links:
Wall Street Breakfast:
Seeking Alpha's Wall Street Breakfast brings the top news to investors every morning. Released by 8:00am ET, it's all the news you need to know for your market day.
Seeking Alpha Premium:
A comprehensive set of features and analysis that helps take the guesswork out of your investing decisions. Get the bottom-line on any stock or ETF with our Premium tools.
Alpha Picks:
Alpha Picks gives you two top stock picks each month, sifted from Seeking Alpha’s analysis of thousands of stocks. We do the work. You reap the rewards.
Wall Street Breakfast on Twitter
Show links:
Disney: Why I'm betting on Bob Iger
Seeking Alpha VORB warning
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hello and welcome to Seeking Alpha's Wall Street breakfast where we cover the top stories |
| 0:03.7 | for investors every morning. |
| 0:05.3 | Today is April 4th and I'm your host Kevin Carr and filling in for Julie Morgan. |
| 0:09.3 | Vorgen Orbit has fallen out of orbit on Tuesday announcing plans to file for bankruptcy protection. |
| 0:15.0 | Disney and Florida Governor Ron Desantis continued a war of words with the executive accusing the |
| 0:19.7 | governor's actions against the company of being anti Florida. |
| 0:23.0 | OPEC Plus's surprise production cut continues to royal markets. |
| 0:26.4 | Finally, Elon Musk actions drive up the price of Dogecoin once again. |
| 0:30.3 | However, legal implications could follow. |
| 0:33.0 | And now to our top story. |
| 0:35.0 | Down go the D-SPX. |
| 0:36.7 | Richard Branson founded Virgin Orbit announced early on Tuesday morning that it would file |
| 0:40.5 | for bankruptcy just one day after fellow D-SPAC boxed filed for Chapter 11 protection. |
| 0:46.0 | Virgin Orbit had reportedly been drawing up contingency plans in case of insolvency as early as mid-March, |
| 0:51.0 | and had operated as a going concern since late 2022. |
| 0:55.2 | After a launch failure in January, the company's future had been clouded significantly, |
| 0:58.8 | lead to an over 90% decline in the stock in a matter of months. By the close of March the company |
| 1:04.0 | laid off nearly its entire workforce and ceased operations at least temporarily at |
| 1:08.5 | that point. A glimmer of hope from venture capital investor Matthew Brown did |
| 1:12.0 | appear in late March however. |
| 1:13.8 | According to Reuters, the company was in talks to secure a $200 million investment from Brown |
| 1:18.1 | by a private share placement in order to stave off insolvency. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Seeking Alpha, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Seeking Alpha and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.