OneWeb Bankrupt and Trying to Sell Spectrum Rights

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