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.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
|
|
news links
|
|
Tuesday, March 31
Europe's engines powering Artemis II
ESA — 6:42 am ET (1042 GMT) Eight more satellites added to IRIDE space programme
ESA — 6:42 am ET (1042 GMT) Seven missions launched to test optimised data transfer from space
ESA — 6:42 am ET (1042 GMT) ESA marks 60 years of Star Trek at London's Science Museum
ESA — 6:42 am ET (1042 GMT) Vandenberg SFB supports National Geospatial-Intelligence Agency Transporter-16 mission
US Space Force — 6:39 am ET (1039 GMT) |
