Satellite internet firm OneWeb files for Chapter 11 bankruptcy
OneWeb has filed for Chapter 11 bankruptcy as it seeks a new buyer to continue its satellite internet ambitions.
The promising startup was forced into filing for bankruptcy after its attempts to get financing was unsuccessful.
OneWeb says it was “close” to receiving the crucial financing but the unexpected coronavirus pandemic resulted in the prospective deal being cut short amid market turbulence.
Chapter 11 bankruptcy allows OneWeb to keep its existing work going by allowing the startup to use...