On 2 October 2020, the United States Bankruptcy Court for the Southern District of New York confirmed OneWeb’s Chapter 11 plan of reorganisation (the “Plan”), ensuring that the company remains on target to resume full business operations imminently.
The Plan details a strong operational foundation for the company to deploy the initial 650 LEO satellite constellation under the new ownership of the UK Government and Bharti Global Limited (“Bharti”).
The transactions outlined in the Plan will be implemented following receipt of customary regulatory approvals, which are expected by the end of 2020. In the meantime, OneWeb is resuming operations and readying its commercial services which are planned to start next year.
Adrian Steckel, Chief Executive Officer of OneWeb, stated, “As we await the final mechanical components of the transaction, we set our eyes back to the skies with the resumption of launches later this year and commencing commercial services within a year. We are working closely with HMG and Bharti and are pleased with their commitment and partnership as we remain ever-focused on our mission to bring connectivity to communities and people around the world.”
Additional information about the Company’s Chapter 11 case can be found at http://www.omniagentsolutions.com/onewebglobal, or by calling the Company’s claims agent at 1-866-680-8121.
OneWeb will enable connectivity for governments, businesses, and communities. It is implementing a constellation of Low Earth Orbit satellites with a network of global gateway stations and a range of user terminals to provide an affordable, fast, high-bandwidth and low-latency communications service, connected to the IoT future and a pathway to 5G for everyone, everywhere.
Featured image credited to istock.com/JakeOlimb