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Home > Network/Internet > OneWeb has filed for bankruptcy

OneWeb has filed for bankruptcy

OneWeb announced that the Company and certain of its controlled affiliates have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code.

Erdem Yasar by Erdem Yasar
April 1, 2020
in Network/Internet
1 min read
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OneWeb announced that the company has filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. According to the statement, the company intends to use these proceedings to pursue a sale of its business in order to maximize the value of the company.

Economic impact of the COVID-19 crisis

Adrian Steckel, Chief Executive Officer of OneWeb
Adrian Steckel, Chief Executive Officer of OneWeb

OneWeb stated that since the beginning of 2020, the company engaged in advanced negotiations regarding the 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.

Adrian Steckel, Chief Executive Officer of OneWeb said,

“OneWeb has been building a truly global communications network to provide high-speed low latency broadband everywhere. Our current situation is a consequence of the economic impact of the COVID-19 crisis. We remain convinced of the social and economic value of our mission to connect everyone everywhere.

Today is a difficult day for us at OneWeb. So many people have dedicated so much energy, effort, and passion to this company and our mission. Our hope is that this process will allow us to carve a path forward that leads to the completion of our mission, building on the years of effort and the billions of invested capital. It is with a very heavy heart that we have been forced to reduce our workforce and enter the Chapter 11 process while the Company’s remaining employees are focused on responsibly managing our nascent constellation and working with the Court and investors.”

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Tags: CoronavirusOneWeb
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Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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