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posted by martyb on Wednesday May 13 2020, @03:27AM   Printer-friendly
from the fall-to-Earth dept.

Branson to sell part of Virgin Galactic stake

Richard Branson, the founder and largest shareholder of suborbital spaceflight company Virgin Galactic, will sell more than a fifth of Virgin Group's majority stake in the company to raise funds to aid its other companies affected by the pandemic.

In a statement May 11, the company announced that Vieco 10, the Virgin Group holding company that owns the majority of Virgin Galactic, planned to sell up to 25 million shares, accounting for about 22% of its overall stake in the company. That sale would generate $485 million for Virgin at the price of $19.40 per share at the close of trading May 11.

Virgin Group said the sale of stock, the company said in a statement and in its S-1 filing with the U.S. Securities and Exchange Commission (SEC), was "to support its portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of COVID-19."

Related: Virgin Galactic Shows Off its Spaceport
Virgin Galactic Unveils Commercial Space Suits
Virgin Galactic Begins 'Astronaut Readiness Program' for First Paying Customers
Nevada-Based Bigelow Aerospace Lays Off Entire Workforce
OneWeb Goes Bankrupt, Lays Off Staff, Will Sell Satellite-Broadband Business
Virgin Galactic's Spaceship Flies from its New Home Base for the First Time


Original Submission

Related Stories

Virgin Galactic Shows Off its Spaceport 18 comments

Virgin Galactic unveils luxury lounge at its airport for space tourism

Richard Branson's space tourism startup, Virgin Galactic, is showing off a luxurious lounge area and top-shelf amenities for its wealthy clientele. The company on Thursday shared images of the interior at Spaceport America in New Mexico. Ticket holders, most of whom paid $200,000 or more for a Virgin Galactic flight, will one day congregate at the spaceport before they board a supersonic plane for a 90-minute ride into the upper atmosphere.

The renovations are another sign that Virgin Galactic is preparing to open for business at Spaceport America, a controversial facility that was built a decade ago using local taxpayer dollars. Images of the first-floor lounge area show a large coffee bar made of "back-lit Italian marble hovering above hand-crafted oak," according to a press release. Modern couches line the floor-to-ceiling windows at the spaceport with panoramic views of the surrounding desert. Other new facilities include a mission control center, a working area for pilots, and a briefing center.

Hundreds of people are lined up to ride a short high-speed trip aboard a Virgin Galactic space plane. Branson, who founded the venture in 2004, plans to be the first tourist aboard a Virgin Galactic space plane. The company said it has additional test flights planned and will be ready to start flying paying customers in the first half of 2020.

Also at TechCrunch.

Older article: Virgin Galactic prepares to move vehicles, staff to Spaceport America

Related: Virgin Galactic: Rocket Reaches Space Again in Test Flight (Update)


Original Submission

Virgin Galactic Unveils Commercial Space Suits 17 comments

Arthur T Knackerbracket has found the following story:

Virgin Galactic founder Richard Branson on Wednesday introduced the custom suits that will be worn by the first private astronauts.

US sportswear designer Under Armour "worked day and night for about two years on this project" said Branson, who himself served as a model at the presentation at a skydiving simulator near New York.

The 69-year-old British billionaire donned the personalized royal blue suit that he plans to wear during his company's inaugural flight—sometime in 2020.

"Spacesuits are a part of the iconography of the first space age. Our visual impressions of human spaceflight and what astronauts wear are inextricably linked," Branson explained. "I love the way the spacewear looks and I love the way it feels."

"I also love the fact that the next time I put it on, I will be on my way to space."

[...] The material for the suits, undergarments and boots were chosen for their ability to aid in the body's temperature and moisture regulation.

A transparent interior pocket was added so space-exploring customers can keep pictures of their loved ones "literally... close to the heart," according to a statement from Virgin Galactic.

[...] Every space tourist will get their own custom suit that they can take home with them back on Earth, complete with a label of their name and their country's flag.

[...] Virgin Galactic, which was founded in 2004, has spent years developing its space program, and after a fatal accident in 2014, has twice crossed the barrier into the final frontier.

But the company has still not yet piloted a space flight with clients on board.

Previously:
NASA's New Artemis Spacesuits Make It Easier for Astronauts of All Sizes to Move on the Moon


Original Submission

Virgin Galactic Begins ‘Astronaut Readiness Program’ for First Paying Customers 7 comments

Submitted via IRC for SoyCow1337

Virgin Galactic begins 'Astronaut Readiness Program' for first paying customers – TechCrunch

Virgin Galactic has begun its “Astronaut Readiness Program” this week, which is being run out of Under Armour Global HQ to start. Under Armour is Virgin Galactic’s partner on its official astronaut uniforms, which its first paying space tourists will don on the company’s initial trips beyond Earth.

The Astronaut Readiness Program is a preparatory course that all of Virgin Galactic’s passengers undertake before they can get their trip aboard the company’s VSS Unity sub-orbital spaceplane. It involves guidance and instruction provided by Virgin Galactic team members, including its Chief Astronaut Instructor Beth Moses and Chief Pilot Dave Mackay. Both Mackay and Moses were on Virgin’s February demonstration flight to space, and so can provide not only guidance based on their considerable expertise, but also share insights from actually having flown aboard the same vessel that will take the company’s paying passengers up. Moses will advise on how to get around on board the spacecraft, too.

[...] To date, Virgin Galactic has 600 customers signed up to fly aboard its SpaceShipTwo spacecraft, which launches from a customized cargo jet aircraft to reach sub-orbital space and provides customers with a 90-minute flight, for $250,000 per ticket. It’s looking to launch its first flights for paying customers in the first half of next year.


Original Submission

Nevada-Based Bigelow Aerospace Lays Off Entire Workforce 8 comments

Bigelow Aerospace lays off entire workforce

Bigelow Aerospace, the company founded more than two decades ago to develop commercial space habitats, laid off all its employees March 23 in a move caused at least in part by the coronavirus pandemic.

According to sources familiar with the company's activities, Bigelow Aerospace's 68 employees were informed that they were being laid off, effective immediately. An additional 20 employees were laid off the previous week.

Those sources said that the company, based in North Las Vegas, Nevada, was halting operations because of what one person described as a "perfect storm of problems" that included the coronavirus pandemic. On March 20, Nevada Gov. Steve Sisolak signed an emergency directive ordering all "nonessential" businesses to close.

[...] Robert Bigelow said in a Jan. 28 interview that his company declined to submit a proposal [for an ISS commercial module] to NASA because of financing concerns. NASA, at the time of the competition, said it projected providing up to $561 million to support both a commercial ISS module as well as a separate solicitation for a free-flying facility. "That was asking just too much" of the company, Bigelow said. "So we told NASA we had to bow out."

Previously:
Bigelow Expandable Activity Module to Continue Stay at the International Space Station
Bigelow and ULA to Put Inflatable Module in Orbit Around the Moon by 2022
Bigelow Aerospace Forms New Company to Manage Space Stations, Announces Gigantic Inflatable Module
Bigelow Aerospace Unveils B330 Inflatable Module Mock-Up

Related:
Sierra Nevada Corporation Shows Off an Inflatable Habitat
Expanding, And Eventually Replacing, The International Space Station


Original Submission

OneWeb Goes Bankrupt, Lays Off Staff, Will Sell Satellite-Broadband Business 6 comments

OneWeb goes bankrupt, lays off staff, will sell satellite-broadband business:

OneWeb has filed for bankruptcy and intends to sell its business, bringing an abrupt end to the company's plan to offer high-speed satellite Internet service around the world.

OneWeb announced Friday that it "voluntarily filed for relief under Chapter 11 of the [US] Bankruptcy Code," and "intends to use these proceedings to pursue a sale of its business in order to maximize the value of the company." OneWeb made the decision "after failing to secure new funding from investors including its biggest backer SoftBank," largely because of the coronavirus pandemic, the Financial Times wrote. OneWeb also "axed most of its staff on Friday," the FT article said.

OneWeb previously raised $3 billion over multiple rounds of financing and was seeking more money to fund its deployment and commercial launch. "Our current situation is a consequence of the economic impact of the COVID-19 crisis," OneWeb CEO Adrián Steckel said in the bankruptcy announcement. "We remain convinced of the social and economic value of our mission to connect everyone everywhere."

The bankruptcy announcement came a week after OneWeb said it expected "delays to our launch schedule and satellite manufacturing due to increasing travel restrictions and the disruption of supply chains globally."

Virgin Galactic's Spaceship Flies from its New Home Base for the First Time 5 comments

Virgin Galactic's spaceship flies from its new home base for the first time:

The pieces are finally starting to come together for Virgin Galactic's space tourism — the company has flown SpaceShipTwo from Spaceport America for the first time. It was just a glide test from 50,000 feet up, but the flight let the spaceport fulfill its intended purpose and gave pilots familiarity with the New Mexico airspace. This will also help Virgin compare performance against similar maneuvers from earlier tests.

From https://www.geekwire.com/2020/virgin-galactics-spaceshiptwo-makes-first-gliding-test-flight-new-mexico/ we read:

Unity was carried to a height of 50,000 feet by its WhiteKnightTwo mothership, VMS Eve, and then released to glide back to the spaceport's runway. Virgin Galactic said Unity achieved a glide speed of Mach 0.70 and completed all test objectives with pilots Dave Mackay and CJ Sturckow at the controls. Michael Masucci and Kelly Latimer piloted Eve.

Further test flights will clear the way for passengers to start flying suborbital space trips as early as this year. More than 600 customers from 60 countries have paid as much as $250,000 for a reservation, and Virgin Galactic resumed taking deposits for trips in February.


Original Submission

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  • (Score: 2) by c0lo on Wednesday May 13 2020, @03:47AM (2 children)

    by c0lo (156) Subscriber Badge on Wednesday May 13 2020, @03:47AM (#993613) Journal

    How will the oligarchy get up into the orbit if the the things get pear-shaped with Covid19? (large grin)

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
    • (Score: 2) by takyon on Wednesday May 13 2020, @04:04AM

      by takyon (881) <takyonNO@SPAMsoylentnews.org> on Wednesday May 13 2020, @04:04AM (#993616) Journal

      They'll ignore outer space and go old school. Sophisticated underground bunkers, perhaps using mineshafts.

      --
      [SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
    • (Score: 0) by Anonymous Coward on Wednesday May 13 2020, @04:22AM

      by Anonymous Coward on Wednesday May 13 2020, @04:22AM (#993623)

      The government can just lock down Earth's orbit and will the satellite into space.

  • (Score: 1) by fustakrakich on Wednesday May 13 2020, @04:31AM (6 children)

    by fustakrakich (6150) on Wednesday May 13 2020, @04:31AM (#993626) Journal

    Who's buying?

    Stock market's doing great, huh?

    --
    La politica e i criminali sono la stessa cosa..
    • (Score: 2) by takyon on Wednesday May 13 2020, @04:34AM

      by takyon (881) <takyonNO@SPAMsoylentnews.org> on Wednesday May 13 2020, @04:34AM (#993627) Journal

      There are no bad products, just bad prices.

      --
      [SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
    • (Score: 2) by MostCynical on Wednesday May 13 2020, @06:55AM

      by MostCynical (2589) on Wednesday May 13 2020, @06:55AM (#993661) Journal

      doesn't matter - UK government won't help unless he is seen to be helping directly, so this is a way to do that.

      if he keeps a controlling interest in the company, and doesn't go broke (!), the share price will eventually recover.

      --
      "I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
    • (Score: 0) by Anonymous Coward on Wednesday May 13 2020, @01:16PM

      by Anonymous Coward on Wednesday May 13 2020, @01:16PM (#993734)

      > Stock market's doing great, huh?
      Actually it is, going up every day, sometimes by 2-3%

    • (Score: 0) by Anonymous Coward on Wednesday May 13 2020, @02:43PM

      by Anonymous Coward on Wednesday May 13 2020, @02:43PM (#993767)

      > Who's buying?

      Who's buying is the government. It's going on the national debt for all of us to enjoy later, so a few of us get our rewards now.

    • (Score: 2) by PartTimeZombie on Thursday May 14 2020, @02:26AM (1 child)

      by PartTimeZombie (4827) on Thursday May 14 2020, @02:26AM (#994073)

      Virgin Galactic will bring in about $1 million this year on current projections, and lose about $60 million. That is not a business.

      Founded in 2004 and has not managed to put anything into orbit yet, or even get close.

      Can someone explain how Branson is going to sell $485 million worth of stock at $19 per share without being laughed at? It is not like any of his other businesses are doing much better.

      There must be something else going on here, but I can't figure out what.

      • (Score: 1) by fustakrakich on Thursday May 14 2020, @05:25AM

        by fustakrakich (6150) on Thursday May 14 2020, @05:25AM (#994116) Journal

        Well, in the states, the fed is buying everything, to the tune of 30 billion a day, and no questions from that nosy congress. Price supports for the commodities markets.

        --
        La politica e i criminali sono la stessa cosa..
  • (Score: 0) by Anonymous Coward on Wednesday May 13 2020, @02:45PM

    by Anonymous Coward on Wednesday May 13 2020, @02:45PM (#993769)

    Go back to Necker and ask the taxpayers there to fund your side hobbies.

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