OneWeb files for Chapter 11 bankruptcy
Posted: Sun, Mar 29, 2020, 9:59 AM ET (1359 GMT)
Satellite megaconstellation company OneWeb announced late Friday it had filed for Chapter bankruptcy protection and laid off most of its staff. The company, which is still in the early stages of deploying its constellation of broadband Internet satellites, said that it had been close to securing the funding needed to complete that deployment, but that the "financial impact and market turbulence" of the coronavirus pandemic kept it from closing a deal. The company is finalizing debtor-in-possession financing that will allow it to continue operating as it seeks a sale of the company. OneWeb has launched 74 satellites, including 34 placed in orbit earlier this month.
Satellite megaconstellation company OneWeb announced late Friday it had filed for Chapter bankruptcy protection and laid off most of its staff. The company, which is still in the early stages of deploying its constellation of broadband Internet satellites, said that it had been close to securing the funding needed to complete that deployment, but that the "financial impact and market turbulence" of the coronavirus pandemic kept it from closing a deal. The company is finalizing debtor-in-possession financing that will allow it to continue operating as it seeks a sale of the company. OneWeb has launched 74 satellites, including 34 placed in orbit earlier this month.
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