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OneWeb files for Chapter 11 bankruptcy protection

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House exploration agency OneWeb has filed for Chapter 11 chapter safety, GeekWire reports, leaving uncertainty in regards to the 74 satellites it has in orbit and its plans to offer high-speed web from house.

In a news release, OneWeb said it plans to make use of the chapter proceedings to pursue a sale of the corporate. “Whereas the corporate was near acquiring financing, the method didn’t progress due to the monetary affect and market turbulence associated to the unfold of COVID-19,” based on the information launch, which additionally talked about that the corporate was “pressured to scale back our workforce.” It didn’t point out how many individuals might have been laid off.

Final Saturday, OneWeb efficiently launched 34 satellites on a Soyuz rocket from Kazakhstan. The corporate has a license from the Federal Communications Fee to launch an preliminary constellation of 648 low-flying satellites, to offer high-speed web around the globe to properties, boats, and planes all positioned above the 60th parallel north latitude. Its plans included offering “fiber-like web” protection to the Arctic someday this yr.

Six of its satellites launched in 2019, adopted by one other 34 final month.

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