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It has not been a great day for companies bearing the Virgin brand. Virgin Orbit, the satellite launch company started by Sir Richard Branson, has filed for US bankruptcy protection.

Last-ditch efforts to find funding for the struggling space firm fell through, the Guardian's Kalyeena Makortoff reports.

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.

We believe the cutting-edge launch technology this team has created will have wide appeal to buyers as we continue in the process to sell the company. At this stage, we believe the Chapter 11 process represents the best path forward to identify and finalise an efficient and value-maximising sale.