Court approves sale of OneWeb to the UK Government and Bharti Global

OneWeb, the communications company building a Low Earth Orbit (LEO) satellite constellation to deliver global connectivity, has achieved a major step in its reorganisation process. On 2 October 2020, the United States Bankruptcy Court for the Southern District of New York confirmed OneWeb's Chapter 11 plan of reorganisation (the "Plan"), ensuring that the company remains on target to resume full business operations imminently.

The Plan details a strong operational foundation for the company to deploy the initial 650 LEO satellite constellation under the new ownership of the UK Government and Bharti Global Limited ("Bharti").

The transactions outlined in the Plan will be implemented following receipt of customary regulatory approvals, which are expected by the end of 2020. In the meantime, OneWeb is resuming operations and readying its commercial services which are planned to start next year.

Adrian Steckel, Chief Executive Officer of OneWeb, stated, "As we await the final mechanical components of the transaction, we set our eyes back to the skies with the resumption of launches later this year and commencing commercial services within a year.

"We are working closely with HMG and Bharti and are pleased with their commitment and partnership as we remain ever-focused on our mission to bring connectivity to communities and people around the world."

Related Links
OneWeb
The latest information about the Commercial Satellite Industry

Tweet

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only

SpaceDaily Contributor
$5 Billed Once

credit card or paypal

NanoAvionics launches second satellite for Lacuna Space's growing IoT satellite constellation
Harwell Campus UK (SPX) Sep 30, 2020
NanoAvionics, a multinational nanosatellite bus manufacturer and mission integrator, announced the successful launch of another Lacuna Space IoT satellite, and a third one being ready for launch at a later date. Operational communications with the nanosatellite in low Earth orbit (LEO) were established shortly after the launch. For this latest mission, NanoAvionics partnered with Germany-based Exolaunch, which provided the deployer and launch services onboard a Soyuz-2 rocket. ... read more