MOSCOW (Pakistan Point News / Sputnik - 28th March, 2020) UK OneWeb company, which was planning to create a constellation of satellites to provide global Internet access, announced that it filed for bankruptcy in New York after failing to obtain financing amid the coronavirus disease pandemic.
"OneWeb ('OneWeb,' 'the Company'), the global communications company with a mission to bring connectivity to everyone everywhere, announced today that the Company and certain of its controlled affiliates have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The Company intends to use these proceedings to pursue a sale of its business in order to maximize the value of the company," the statement said.
"Since the beginning of the year, OneWeb had been engaged in advanced negotiations regarding investment that would fully fund the Company through its deployment and commercial launch. While the Company was close to obtaining financing, the process did not progress because of the financial impact and market turbulence related to the spread of COVID-19," OneWeb stated.
In June 2015, Russia's Roscosmos signed contracts with OneWeb and French company Arianespace for carrying out a total of 21 commercial launches to bring 672 satellites to space atop the Soyuz rockets from Kourou, Baikonur and Vostochny spaceports.