OneWeb went bankrupt. They wanted to create a global Internet by 2027

British telecommunications company OneWeb went bankrupt. This became known from a statement that the company sent to the Bankruptcy Court of the Southern District of New York. The same document can be found on the OneWeb website.

The company could not agree with SoftBank on investments in the amount of $ 2 billion. According to OneWeb, the deal fell through due to the spread of coronavirus.

“Since the beginning of the year, OneWeb has been negotiating investments that will fully finance the company through its deployment and commercial launch,” the press release said. “Despite the fact that the company was close to receiving financing, the process did not advance due to financial consequences and market turbulence associated with the distribution of Covid-19.”

Before bankruptcy, they were able to find corporate customers, after which they put 74 of 600 satellites into orbit. They also built 22 ground stations and tested high-speed connections at 400 Mbps.

OneWeb was committed to providing satellite coverage for the Earth by 2027. To do this, she will have to launch about 900 satellites into a low orbit. Among the project, investors are Virgin Holding Richard Branson, Qualcomm, AirBus, the Japanese investment company SoftBank and Coca-Cola.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor