OneWeb files for bankruptcy
Capitalism in space: OneWeb yesterday made official the rumors from the past week by filing for bankruptcy in the United States.
It appears that those rumors were essentially true, that one of the company’s biggest investors, Softbank, was having financial trouble due to the stock market crash caused by the Wuhan flu panic, and was not able to continue its investment in OneWeb. The result was that OneWeb could not pay its creditors, the biggest of which was Arianespace, which was managing the launch of most of the company’s satellites, using Russian Soyuz rockets from either French Guiana or Kazakhstan.
With about 18% of its constellation already in orbit and the rest pretty much ready for launch this year, the company has valuable assets that in bankruptcy will have value. It will likely be sold and continue operations under new management.
In the meantime this filing will hurt the bottom line of Arianespace and Russia.
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Capitalism in space: OneWeb yesterday made official the rumors from the past week by filing for bankruptcy in the United States.
It appears that those rumors were essentially true, that one of the company’s biggest investors, Softbank, was having financial trouble due to the stock market crash caused by the Wuhan flu panic, and was not able to continue its investment in OneWeb. The result was that OneWeb could not pay its creditors, the biggest of which was Arianespace, which was managing the launch of most of the company’s satellites, using Russian Soyuz rockets from either French Guiana or Kazakhstan.
With about 18% of its constellation already in orbit and the rest pretty much ready for launch this year, the company has valuable assets that in bankruptcy will have value. It will likely be sold and continue operations under new management.
In the meantime this filing will hurt the bottom line of Arianespace and Russia.
In order to remain completely independent and honest in my writing, I accept no sponsorships from big space companies or any political organizations. Nor do I depend on ads.
Instead, I rely entirely on the generosity of readers to keep Behind the Black running. You can either make a one time donation for whatever amount you wish, or you sign up for a monthly subscription ranging from $2 to $15 through Paypal, or $3 to $50 through Patreon, or any amount through Zelle.
The best method to donate or subscribe is by using Zelle through your internet bank account, since it charges no fees to you or I. You will need to give my name and email address (found at the bottom of the "About" page). What you donate is what I get.
To use Patreon, go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
For PayPal click one of the following buttons:
If these electronic payment methods don't work for you, you can support Behind The Black directly by sending your donation by check, payable to Robert Zimmerman, to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
Go to “cases,” and scroll down the alphabetical list for “Oneweb Global limited et al”
(Case No. 20-22437)
https://omniagentsolutions.com/home
What did they file, for reorganization or liquidation?
DJN-
Chapter 11.