SoftBank-Backed OneWeb Files for Chapter 11 Bankruptcy Plan, Cuts Jobs
OneWeb, the satellite tv for pc operator sponsored by way of Japan’s SoftBank Team, mentioned it has filed for Bankruptcy 11 chapter to pursue a sale of its trade and has lower its staff amid the coronavirus outbreak.
OneWeb is in negotiations for debtor-in-possession financing, which if got and licensed by way of the court docket will reinforce its ongoing trade, the corporate mentioned in a remark that didn’t point out what number of jobs had been being lower.
The corporate additionally mentioned it were in talks for investment because the starting of the yr however the procedure had stalled because of the monetary have an effect on of the coronavirus outbreak.
“Our present scenario is a result of the industrial have an effect on of the COVID-19 disaster,” Leader Govt Officer Adrian Steckel mentioned, regarding the respiration illness led to by way of the novel coronavirus that emerged from China past due ultimate yr.
The satellite tv for pc operator estimated property within the vary of $1 billion to $10 billion and liabilities in the similar vary, in step with a submitting in america Chapter Courtroom for the Southern District of New York.
The company has introduced 74 satellites together with 34 from the Baikonur cosmodrome in Kazakhstan in early February to supply high-speed Web get entry to the use of satellite tv for pc communications.
