OneWeb filed for bankruptcy and is asking bankruptcy court for permission to borrow between $75 million and $300 million. SoftBank wants to give OneWeb the loan. SoftBank supplied $2 billion of the $3.4 billion in equity and debt that OneWeb raised.
Softbank is forecasting $16.7 billion in 2019 losses for its $100 billion Vision Fund.
OneWeb launched 74 of a planned 648 small broadband satellites into low Earth orbit.
OneWeb plans to sell it spectrum assets. Amazon or Facebook are the most likely potential buyers.
SOURCES- Space News
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.