OneWeb to exit bankruptcy soon
October 29, 2020
UK-based mega-constellation satellite operator OneWeb has received various US government approvals for it to exit its Chapter 11 bankruptcy. The approvals include the FCC which sanctioned the purchase by the UK government and Bharti Global this week.
The FCC’s decision came in the form of an ‘Order’ on October 26th which gave permission for OneWeb to “access the US market using a proposed 2,000-satellite non-geostationary-satellite orbit (NGSO) broadband constellation. This grant will offer OneWeb greater opportunities to deliver satellite-based broadband services to the public.”
The British government will hold a 42.2 per cent equity share, with India’s Bharti Global holding a matching stake. Smaller shareholders will include Japan’s SoftBank Group which will hold 12.3 per cent of OneWeb’s voting rights.
The US Bankruptcy Court had already approved on October 2nd the sale of OneWeb to the consortium of the UK government and Bharti subject to the company receiving the necessary formal regulatory approvals. With those now in place it is likely that OneWeb will exit bankruptcy within days.
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