SoftBank’s OneWeb Files for Bankruptcy After Cash Crunch
- Company says investment talks collapsed amid market meltdown
- Satellite operator negotiating debtor-in-possession financing
A ground antenna made by Intellian for the OneWeb space internet provider.
Photographer: Nicholas Kamm/AFP via Getty Images
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Satellite operator OneWeb filed for bankruptcy, becoming one of the first companies backed by SoftBank Group Corp. to seek court protection from its creditors after high costs and stiff competition led to a cash crunch.
The company listed liabilities and assets of more than $1 billion each in its Chapter 11 petition in U.S. Bankruptcy Court in White Plains, New York.