WASHINGTON -Richard Branson's Virgin Orbit Holdings filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure. The Long Beach, California-based company lodged the filing in the U.S. Bankruptcy Court for the District of Delaware seeking a sale of its assets after announcing the layoff of roughly 85 percent of its 750 employees last week. 'At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale,' Virgin Orbit CEO Dan Hart said in a statement.

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