Virgin Orbit has filed for bankruptcy after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure.

Sir Richard Branson had injected $11m into the California-based company last week after it announced it was laying off 85pc of its 750 employees.

The company listed assets and liabilities between $100m and $500m as it filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware.

It marks a rapid unravelling for the business, which in January completed a high-profile - though ultimately unsuccessful - launch from Cornwall. The failure led to a collapse in the company's share price.

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