A UK opposition MP has savaged the UK government’s involvement in satellite company OneWeb, currently in Chapter 11 bankruptcy reorganisation. The UK is putting at least £400 million into the company (with India’s Bharti matching the investment). OneWeb is likely to emerge from bankruptcy before the end of this year. Chi Onwurah, a Labour party […]
Sir Richard Branson’s aircraft-based satellite launching project, Virgin Orbit, is looking to raise up to $200 million, according to a report in the WSJ. Many of Branson’s projects, not least his airline businesses, have been hit hard by the Coronavirus. The WSJ says that Virgin Orbit (which suspends a powerful rocket from beneath one of […]
If there’s one vital component that Elon Musk and the likes of Jeff Bezos as well as Telesat, OneWeb and others need it’s a low-cost consumer friendly phased array flat-panel antenna. Yoel Gat, founder of Gilat Satellite Networks (and now CEO at SatixFy, a designer of flat-panel antennas) says that the dream of a sub-$300 […]
OneWeb, in the process of exiting its Chapter 11 bankruptcy restructuring, has ended its controversial joint-venture with Russian Space Agency Roscosmos. OneWeb’s 49 per cent stake would now be transferred to a Roscosmos subsidiary company Gonets which was already the majority partner. One of the key buyers of OneWeb’s assets is the UK government which […]
The US Bankruptcy Court has given its formal approval for the £800 million purchase of satellite company OneWeb, now in the final stages of its Chapter 11 bankruptcy reorganisation. The buyer will be a new company (‘BidCo’) comprising the UK Government and India’s Bharti Global. Each will hold about 45 per cent of the company’s […]
The UK government is rethinking its commitment to an independent satellite navigation system. The review could mean that UK will not use OneWeb for its independent satellite navigation system. The UK’s access to the European Space Agency’s Galileo system ends on December 31st with the UK’s exit from the European Union. The British government has […]
OneWeb, with its Chapter 11 bankruptcy ending the next three months, has succeeded in obtaining an additional $235 million (€201.8m) in ‘Debtor in Possession’ financing. OneWeb’s bankruptcy court approved the request last week in order to maintain output of its satellites under construction in Florida, plus day-to-day expenses as well as ongoing development work on […]
OneWeb’s bankruptcy court heard this week that the company’s unsecured creditors will drop their $1.6 billion claim, and instead adopt a mediated global settlement. OneWeb has asked its bankruptcy court for permission to modify various disclosures which would reflect the new settlement which reflects the decision of the Official Committee of Unsecured Creditors. OneWeb had […]
Arianespace’s multi-million Euro contract from OneWeb (currently in Chapter 11 bankruptcy reconstruction) has been heavily revised. OneWeb wants 3 less rocket launches. Each will carry 34-36 OneWeb satellites and the full OneWeb constellation should be in orbit by the end of 2022. The new launch manifest will see Arianespace carry out 16 launches on its […]
A Chapter 11 bankruptcy reconstruction allows the affected business to accept or reject some of the contracts and leases that were in place prior to the bankruptcy. OneWeb has delivered to its bankruptcy court a long list of contracts, some it will be happy to respect or amend but others it wants to be rejected. […]