Orbex appoints FRP as administrators, advisory firm says

Feb 18 - Scottish rocket maker Orbex has appointed restructuring advisors FRP as administrators, charging them with exploring options for the business, including a potential sale, the advisory firm said in a statement on Wednesday, after earlier attempts to raise new funding or secure a buyer failed.

Orbex, valued at about $220 million after a 2022 fundraising, ceased trading before appointing administrators, a move that impacts the roughly 163 people it employed in the UK, the statement said.

It said earlier this month the failure to secure new investment threatened hundreds of skilled jobs in Scotland and risked derailing Britain's push to build a domestic launch sector.