Funds holding more than £500m of debt in the online car retailer have hired PJT Partners to advise them on talks with the company, Sky News understands.
Virgin Orbit, the satellite launch company founded by British billionaire Richard Branson, will permanently cease operations, just months after a major mission failure. The California-based firm, which had already filed for Chapter 11 bankruptcy protection in the United States in early April, has auctioned off its main assets, recovering just over $36m. That figure is barely 1% of the value the company reached in late 2021 on Wall Street, when it was valued at $3.5 billion. – Guardian
Cazoo has said its plan to control costs and improve its margins on used car sales is “coming together” in its latest performance update to the market.
Asked if he would take his online used car retailer public back in the autumn of 2020, Alex Chesterman was unresolved. “We’ll think about it at some point in f