Eutelsat OneWeb (formerly OneWeb) is a satellite communications company aiming to bridge the digital divide by providing high-speed, low-latency broadband internet services globally via a low Earth orbit (LEO) satellite constellation. As a subsidiary of Eutelsat Group, it focuses on delivering connectivity solutions to governments, enterprises, and communities in underserved areas, as well as to the maritime and aviation sectors. Key partners include distribution partners, Airbus (through OneWeb Satellites, a joint venture for satellite manufacturing), and technology providers like Microsoft Azure and AWS for network peering.
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The British government and Bharti Global will provide $1,000,000,000 in new funding to recapitalize OneWeb pending approval by a U.S. bankruptcy court at a 2020-07-10 hearing.
OneWeb secured $1,000,000,000 in new funding consisting of $500,000,000 from the British government and $500,000,000 from Bharti Global to recapitalize its constellation effort.
The British government and Indian mobile network operator Bharti Global placed the winning bid to acquire OneWeb following OneWeb’s Chapter 11 bankruptcy filing in March 2020.
OneWeb had previously raised $3,400,000,000 in equity and debt to fund its broadband constellation.
The British government will lead a consortium with Bharti to complete the purchase of OneWeb, which is expected to close in the fourth quarter of 2020 subject to approval by the U.S. Bankruptcy Court for the Southern District of New York.
Bharti Global is expected to provide commercial and operational leadership to OneWeb and to leverage revenue from its base of more than 425 million customers.
Richard Franklin, managing director of Airbus Defence and Space U.K., is eager to work with OneWeb to grow the UK contribution to the business and support the next phase of OneWeb’s operations.
OneWeb Satellites is a joint venture of OneWeb and Airbus tasked with building OneWeb’s satellite constellation.
OneWeb filed for Chapter 11 bankruptcy protection in March 2020, halting a planned cadence of launches.
MDA remains ready to support OneWeb’s antenna program despite OneWeb filing for Chapter 11 bankruptcy protection in March 2020.
OneWeb filed for Chapter 11 bankruptcy protection in March after launching 74 of a planned 650 satellites.
OneWeb submitted plans with the Federal Communications Commission on 2020-05-27 to increase its constellation by 48,000 satellites.
OneWeb proposed spending $1,800,000 in additional retention payments payable in tranches in June, September, and December.
OneWeb is asking the United States Bankruptcy Court for the Southern District of New York for permission to issue up to $8,800,000 in worker retention and incentive payments to discourage remaining employees from quitting before a spectrum sale.
OneWeb reduced its headcount from 531 employees to 74 in March shortly before filing for Chapter 11 bankruptcy protection.
OneWeb and its debtor-in-possession lenders developed a second program to provide up to $7,000,000 in further payments to incentivize current employees to go above and beyond in connection with the sales process.
OneWeb failed to raise enough funding to complete its envisioned constellation of 650 small broadband satellites.
OneWeb has 74 satellites in low Earth orbit using Ku-band and Ka-band frequencies.
The bankruptcy court authorized OneWeb on 2020-05-01 to borrow up to $300,000,000 under a SoftBank-backed loan.
OneWeb launched 74 high-speed broadband satellites into orbit before going out of business.