Space startup OneWeb has filed for bankruptcy

“OneWeb, a global communications company, announced on March 27 that the company and certain of its controlled affiliates voluntarily filed for Chapter 11 bankruptcy in a U.S. court of bankruptcy for the southern district of new York. The company intends to use these procedures for the sale of its business to maximize the value of the company”, – said in a statement.

it is also noted that in recent time the company was negotiating on attraction of additional investments but was not successful. “Our current situation is a consequence of the economic consequences of the crisis KOVID-19”, the report said, citing CEO Adrian Stekel, who also confirmed the information about dismissal of some employees in connection with the situation.

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the Company-a startup OneWeb is planning to create a constellation of satellites to provide broadband Internet access for users around the world due to the complete coverage of the Earth’s surface. In June 2015 the company OneWeb and Arianespace signed a contract for 21 start-up of carrier rockets “Soyuz” with the upper stage block “Frigate” to launch into space 672 OneWeb satellites, RIA Novosti reported. From Baikonur planned nine launches (two already completed), with the East six, with Kuru – six (one already completed).

As specified in TASS, 27 March the Financial Times reported, citing familiar with the situation source what OneWeb can declare bankruptcy and the dismissal of most employees before the end of the day. According to the publication, the company failed to achieve the doguverennosti with Japanese holding company Softbank about bringing additional funds in the amount of $2 billion Earlier OneWeb has managed to attract investments totaling $3.4 billion.