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OneWeb halted deployment of a planned 648-satellite constellation after launching 74 satellites.
Teledyne held a $95,000,000 contract to provide signal converters and filter assemblies for OneWeb and prepared to incur a $40,000,000 pretax charge because of OneWeb’s bankruptcy.
OneWeb’s two most valuable spectrum filings cover a 720-satellite constellation with Ku-band downlinks and Ka-band uplinks.
OneWeb began using its spectrum after the launch of its first six satellites on 2019-02-27 from French Guiana on a Soyuz rocket.
OneWeb and Leosat have exited the LEO broadband field, leaving three remaining contenders: Amazon, SpaceX, and Telesat.
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.
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.
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.
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.
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.
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.
The remaining $65,000,000 of the proposed $75,000,000 loan is contingent on OneWeb’s progress toward selling its spectrum.
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.
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.
OneWeb launched 74 of a planned 648 satellites before filing for bankruptcy.
On 2020-04-06, Teledyne may establish a reserve for accounts receivable and inventory related to OneWeb.
Teledyne received a $95,000,000 contract to provide signal converters and filter assemblies to OneWeb Satellites.