VIRGIN ORBIT FOUNDED BY RICHARD BRANSON CRASHES

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BRITAIN HAS PLACED A WAGER ON SIR RICHARD BRANSONS BILLIONAIRE BUSINESS VIRGIN ORBIT TO BECOME A SPACE POWER.

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YET THESE GOALS WHICH WERE REFLECTED IN THE GROWTH OF THE SATELLITE MANUFACTURING SECTOR HAVE RECENTLY SUFFERED A SEVERE SETBACK.

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"ACCORDING TO A MEETING AUDIO RECORDING HART REMARKED "UNFORTUNATELY WEVE NOT BEEN ABLE TO GET THE CAPITAL TO OFFER A CLEAR ROUTE FOR THIS FIRM.

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"WE MUST MAKE DRASTIC URGENT AND EXCRUCIATING ADJUSTMENTS RIGHT AWAY.

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ACCORDING TO HART THIS WOULD BE "THE HARDEST ALL-HANDS WEVE LIKELY EVER PERFORMED IN MY LIFE.

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IN A REGULATORY FILING THE COMPANY SAID THAT IT IS DISMISSING 85% OF ITS EMPLOYEES.

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"TO DECREASE COSTS IN LIGHT OF THE COMPANYS FAILURE TO ACHIEVE MEANINGFUL FUNDING" I.E. 675 WORKERS.

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ACCORDING TO VIRGIN ORBIT ITS TOTAL ESTIMATED COSTS WOULD BE AROUND $15 MILLION.

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CONSISTING MOSTLY OF $6.5 MILLION IN ADDITIONAL EXPENDITURES MOSTLY FOR OUTPLACEMENT SERVICES AND $8.8 MILLION IN EMPLOYEE BENEFITS AND SEVERANCE PAYMENTS.

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"FURTHERMORE DUE TO POTENTIAL UNPLANNED CIRCUMSTANCES THE CORPORATION MAY HAVE TO MAKE ADDITIONAL PAYMENTS OR FINANCIAL OUTLAYS.

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IN RELATION TO THE IMPLEMENTATION OF THE PERSONNEL REDUCTION "WARNING FROM VIRGIN ORBIT.

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THESE CHANGES HAVE SPED UP VIRGIN ORBITS STOCK DECLINE. THE STOCKS YEARLY LOW PRICE WAS $1.85.

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AT THE MOMENT IT IS GOING FOR ABOUT 20 CENTS. THIS IS A DROP OF 89.1% IN ONLY THREE MONTHS.

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