Virgin Orbit, the company of eccentric British billionaire Richard Branson, has filed for bankruptcy in the US after failing to secure new investment. The satellite launch company shut down a few weeks ago, announcing it would cut 85% of its current 750 staff, the BBC reports.

Virgin Orbit chief Dan Hart says that while the company has “put in a lot of effort” to get more funding, ultimately it has to do “what’s best for the business”. He said Virgin Orbit would now focus on finding a buyer “who will provide clarity about the future of the company to its customers, suppliers and employees”.

In January, Virgin Orbit’s attempt to launch a satellite into orbit from the UK failed when the rocket’s fuel filter became dislodged, causing one of the engines to overheat. The launch was supposed to mark a big step for Britain – from the creation of satellites to the construction of rockets and the creation of new spaceports.

The company, which will list on Nasdaq in New York in 2021, had $153.5 million in debt last September. After the move, Virgin Orbit filed for bankruptcy, allowing the company to continue operating and resolve its financial problems while providing protection from creditors. Hart said that despite the financial challenges, he was confident his firm would be “highly attractive” to a new owner because his team had built “advanced startup technology.”

Virgin Orbit was founded in 2017 and launches rockets from under Boeing 747 aircraft modified to send satellites into space.

Sir Richard belongs to a very small group of billionaires who have expanded their businesses by launching satellites. The others are Amazon founder Jeff Bezos, who founded his space company Blue Origin, and Twitter and Tesla owner Elon Musk, who founded SpaceX.

Sir Richard Branson, who was born in 1950 in London, is a controversial figure, he is an adventurer, he is a genius of promotion and he is known for having created the “galaxy” of Virgin companies. He came very close to dying in Ireland when he crossed the Atlantic in a hot air balloon.

Interestingly, Branson would have had the opportunity to fly into space almost 37 years ago when Soviet leader Gorbachev offered it to him. Branson said NO for several reasons: he had to train for two years in the USSR, he did not want to leave his new company for that long, the flight would cost $50 million, and he was afraid of the negative reaction from the US if they gave such a large sum for flight.

Branson became known more than three decades ago as a thrill seeker. He was very skilled in the field of communication and embarked on adventure after adventure. He made several extreme journeys in a hot air balloon, set a number of records (such as the speed record for crossing the Atlantic by boat), but always wanted to have a company for space travel as well.