OneWeb Files for Bankruptcy as Company Fails to Raise Funds Amidst the COVID-19 Outbreak
OneWeb, the company that was trying to create a constellation of LEO satellites to provide wireless connectivity across the globe, has filled for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York.
To date, OneWeb had successfully launched 74 satellites as part of its constellation, secured valuable global spectrum, begun development on a range of user terminals for a variety of customer markets, had half of its 44 ground stations completed or in development, and performed successful demonstrations of its system with broadband speeds in excess of 400 Mbps and latency of 32 ms. In addition, OneWeb’s commercial team had seen significant early global demand for its high-speed, low-latency connectivity services from governments and leaders in the automotive, maritime, enterprise, and aviation industries. Click here to read more.
