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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SoftBank refused to invest more than $2,000,000,000 in OneWeb, driving OneWeb to seek a sale of its spectrum.
Ruag opened a 45,000-square-foot facility in Titusville, Florida in 2017 to mass produce structures for OneWeb’s 150-kilogram satellites and for customers needing structures for satellites up to 500 kg.
OneWeb raised $3,400,000,000 in equity and debt prior to filing for Chapter 11 bankruptcy.
OneWeb halted deployment of a planned 648-satellite constellation after launching 74 satellites.
SoftBank agreed to lead a $75,000,000 debtor-in-possession loan to OneWeb and provided $2,000,000,000 of the $3,400,000,000 in equity and debt that OneWeb raised before filing for bankruptcy.
SoftBank and other debtor-in-possession lenders agreed to loan OneWeb an additional $15,000,000 if OneWeb secures at least one letter of intent from a spectrum buyer by 2020-05-11.
If OneWeb completes a spectrum sale by 2020-06-22, the lenders agreed to offer a final tranche of up to $25,000,000 to cover regulatory approval costs for the transaction.
OneWeb’s primary spectrum filings cover Ku-band frequencies for downlinks and Ka-band frequencies for uplinks for a constellation architecture of 720 satellites in low Earth orbit.
OneWeb stated that the $75,000,000 loan would fund the company through 2020-07-13, and the loan terms would require OneWeb to provide weekly updates on spending and progress toward a spectrum sale.
The remaining $65,000,000 of the proposed $75,000,000 loan is contingent on OneWeb’s progress toward selling its spectrum.
OneWeb brought its primary Ku- and Ka-band spectrum into use with the International Telecommunication Union and passed the ITU’s 10% milestone after launching 34 satellites on an Arianespace Soyuz days before filing for bankruptcy.
The $75,000,000 SoftBank-led loan is contingent on OneWeb agreeing to roll up $225,000,000 in prepetition obligations, which would effectively substitute those prior obligations for the debtor-in-possession financing.
The initial tranche of the proposed $75,000,000 loan would provide OneWeb with an immediate $10 million, subject to court approval on 2020-04-24.
SoftBank and other lenders would provide a $25,000,000 tranche once OneWeb obtains a binding purchase agreement for most or all of its spectrum rights, with OneWeb anticipating such an agreement by 2020-06-12.
SoftBank projected 1,800,000,000,000 JPY in losses for its Vision Fund in 2019 and on 2020-04-13 listed OneWeb as one of its most notable losing investments outside that fund.
Arianespace completed three of a planned 21 Soyuz launches for OneWeb under a $1,100,000,000 contract.
Teledyne received a $95,000,000 contract to provide signal converters and filter assemblies to OneWeb Satellites.
On 2020-04-06, Teledyne may establish a reserve for accounts receivable and inventory related to OneWeb.
OneWeb launched 74 of a planned 648 satellites before filing for bankruptcy.
OneWeb is a megaconstellation startup that aimed to deploy 650 low Earth orbit satellites to provide global broadband service.