Money - International
Virgin Galactic to run as a critical infrastructure business during Covid-19 pandemic
Bransonu00e2u20acu2122s inaugural Virgin Hotel is slated to open in Chicagou00e2u20acu2122s central business district, The Loop, and feature 210 rooms, 38 suites, and 2 u00e2u20acu02dcRock Staru00e2u20acu2122 rooms. u00e2u20acu201d AFP pic

LONDON, April 13 ― Billionaire Richard Branson's space tourism company Virgin Galactic Holdings Inc will keep running as a critical infrastructure business, even as many US states in which it operates have mandated business closures during the coronavirus outbreak.

"We are an aerospace manufacturer with defense and government contracts and therefore categorised as a Critical Infrastructure business,” a company spokeswoman told Reuters in an emailed statement.

Advertising
Advertising

The company, which aims to offer the first commercial space flight later this year with Branson on board, added that a vast majority of its workforce is working from home.

Virgin Galactic's net losses widened to US$73 million (RM314.6 million) in the fourth quarter from US$46 million in the year-ago period, it reported in its first financial results as a publicly traded company in February.

Blue Origin, founded by Amazon.com Inc Chief Executive Jeff Bezos, is also racing to be the first to offer suborbital flights to fare-paying thrill seekers.

Virgin Galactic went public after merging in October with Social Capital Hedosophia, the special-purpose acquisition vehicle run by early Facebook Inc executive and venture capitalist Chamath Palihapitiya.

Separately, Branson is seeking £500 million from the British government to bail out his Virgin Atlantic airline during the virus outbreak. ― Reuters

Related Articles

 

You May Also Like