Bankruptcy Protection
UK government takes $500 million stake in space exploration firm OneWeb
As part of a consortium that includes Indian telecom Bharti Global, the UK government will invest $500 million and take a “significant equity share” in space exploration firm OneWeb, it announced Friday. OneWeb, which has its headquarters in the UK, filed for Chapter 11 bankruptcy protection in the US in March, after it was unable to secure financing. Bharti Global also will invest $500 million as part of the deal. OneWeb is one of several companies working on an Internet-from-space project, using a combination of low-altitude satellites to beam internet connectivity to ground terminals on Earth’s surface. It was slated to launch a constellation of 650 spacecraft, and its plans included providing internet coverage for the Arctic. So far, it has launched 74 satellites for the project. Frida...
Intelsat files for bankruptcy, seeks to restructure
Global satellite operator Intelsat filed for bankruptcy protection on Thursday, citing disruption from to its business from the virus pandemic, in a move aimed at restructuring its operations. The filing in the United States (US) bankruptcy court in Virginia listed more than $16 billion in debt. The company said in a statement it was “managing the economic slowdown impacting several of its end markets caused by the COVID-19 global health crisis.” Intelsat said bankruptcy protection would help it restructure its balance sheet as it reorganizes operations, and that business would continue during this process. The company is scheduled to receive $4.87 billion for exiting the C-band required by the US Federal Communications Commission for 5G, or fifth generation wireless networks in the United...
