Feb 11 (Reuters) - Scottish rocket maker Orbex has begun the process of appointing administrators after attempts to raise new funding or secure a buyer collapsed, the company said on Wednesday. Orbex
Orbex Appoints Administrators Following Failed Funding Efforts
Orbex's Funding Crisis and Future Options
Feb 11 (Reuters) - Scottish rocket maker Orbex has begun the process of appointing administrators after attempts to raise new funding or secure a buyer collapsed, the company said on Wednesday.
Impact on Jobs and Development
Orbex said it would keep trading while options including a sale of the whole business or selected assets are considered.
CEO's Statement on the Situation
Phil Chambers, the company's chief executive, said the failure to secure new investment threatened hundreds of skilled jobs in Scotland and risked derailing progress on Britain's attempt to build a domestic launch sector.
"Disappointing doesn't come close," he said in a statement, adding that rocket development requires long lead times and significant capital, and that the firm had worked "tirelessly" to find a solution.
(Reporting by Sam Tabahriti in London, Prerna Bedi and Ankita Bora in Bengaluru; Editing by Tasim Zahid and Sarah Young)
