London-based satellite communications company OneWeb has filed for Chapter 11 bankruptcy protection in the US as it looks to complete a sale of the business.
OneWeb has launched 74 satellites to date, holds valuable spectrum worldwide, and started development of a range of user terminals for various customer markets. Half of its 44 ground stations are completed or in developments.
Since early 2020, it has been in advanced talks for investment that would fully fund the business through deployment and commercial launch. Unfortunately, this process did not progress as a result of the financial impact of the Covid-19 outbreak, the company said. As well as seeking bankruptcy court protection, it is also negotiating debtor-in-possession financing to ensure it can fund additional financial commitments as it conducts a sale process.
OneWeb was started to develop a fleet of low-Earth-orbit satellites to provide internet connectivity services around the world. Its investors include Softbank, Qualcomm, Airbus, Bharti Enterprises, the government of Rwanda, Intelsat, The Coca-Cola Company, the Virgin Group and Totalplay. The company has raised USD 3.4 billion to date. It's last major financing round was USD 1.25 billion in March 2019, shortly after it abandoned plans for a merger with Intelsat.
