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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.
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 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 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.
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.
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.
OneWeb's top four shareholders are Softbank (37.41%), Qualcomm (15.93%), Greg Wyler's 1110 Ventures LLC (11.94%), and Airbus (8.5%).
Softbank had invested roughly $2,000,000,000 in OneWeb and decided not to provide additional funding to the company.
Skylo raised $103,000,000 in a Series B round led by SoftBank with participation by the firm’s previous investors.
OneWeb and SoftBank stated that Intelsat received a cease-and-desist letter earlier in 2019 for promoting exclusive distribution rights to OneWeb satellite capacity in four markets where it had none.
OneWeb and SoftBank assert that the dissolution of the SoftBank–OneWeb arrangement closed Intelsat’s window to obtain OneWeb services discussed in 2016.
SoftBank incorporated terminating its OneWeb capacity arrangement into its plan to invest more money into OneWeb in late 2018.
Intelsat had until 2017-01-25 to finalize negotiations under the 2016 agreement, and two extensions occurred without a finalized purchase agreement, according to OneWeb and SoftBank.
OneWeb and SoftBank contend Intelsat’s exclusivity claims stem from an October 2016 agreement under which SoftBank, as part of its $1,000,000,000 investment in OneWeb, acquired the right to purchase all capacity and services that OneWeb would develop in the future.
Intelsat’s direct dialogue with SoftBank stopped suddenly in April 2018 while SoftBank was actively seeking to sell its investment in OneWeb.
Discussions among OneWeb, SoftBank, and Intelsat continued beyond 2018-03-31 despite an amended agreement stating that SoftBank agreed to sell OneWeb Services to Intelsat pursuant to a master service agreement to be negotiated on or prior to 2018-03-31.
In 2016, SoftBank invested nearly $1,000,000,000 in OneWeb and acquired a 40 percent stake in the company.
Intelsat filed a nine-count lawsuit in the New York Supreme Court on 2019-09-10 alleging that OneWeb and SoftBank breached contracts, committed fraud, and conspired to steal confidential and proprietary information.
In 2017, OneWeb, SoftBank, and Intelsat discussed a proposed merger under which SoftBank would invest up to $1,500,000,000 in Intelsat to combine Intelsat and OneWeb into a single satellite provider.
SoftBank has invested more than $1,000,000,000 into OneWeb.