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OneWeb.World : Space #telecom company goes bankrupt due to the #Coronavirus economics

OneWeb.World

OneWeb, a space telecom company that planned to deliver high-speed Internet access to unconnected people around the world, has filed for Chapter 11 bankruptcy.

Operating from the new gTLD domain, OneWeb.World, the company’s final batch of satellites was sent into orbit last week. Now, a total of 74 OneWeb satellites are “orphan.”

OneWeb’s largest investor is the Japanese company SoftBank, which is suffering financially after a series of bad investments; the trouble has been multiplied by stock market plunging further during the Coronavirus pandemic.

Will the domain name drop too?

Quite unlikely. A Chapter 11 bankruptcy seeks the company’s financial restructuring, eliminating most debt. It’s not a Chapter 7 liquidation of assets.

Adrian Steckel, Chief Executive Officer of OneWeb, stated: “OneWeb has been building a truly global communications network to provide high-speed low latency broadband everywhere. Our current situation is a consequence of the economic impact of the COVID-19 crisis. We remain convinced of the social and economic value of our mission to connect everyone everywhere. Today is a difficult day for us at OneWeb. So many people have dedicated so much energy, effort, and passion to this company and our mission. Our hope is that this process will allow us to carve a path forward that leads to the completion of our mission, building on the years of effort and the billions of invested capital. It is with a very heavy heart that we have been forced to reduce our workforce and enter the Chapter 11 process while the Companyโ€™s remaining employees are focused on responsibly managing our nascent constellation and working with the Court and investors.”

Visit OneWeb.World for more information.


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Comments

2 Responses to “OneWeb.World : Space #telecom company goes bankrupt due to the #Coronavirus economics”
  1. thisblogblows says:

    Visit oneweb.fail for more info!

  2. Data Glasses says:

    The first of many, although Soft Bank big on robotics (from memory) Innovation is the name of the game at the moment. Here in Melbourne Australia one company that was producing Gin decided to make hand sanitiser. The first batch sold out in one hour. Perhaps finally some value for my StreamLesson/Com with so much online stuff happening

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