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November 24, 2020 07:00 am

OneWeb Emerges From Bankruptcy, Plans Global Satellite Broadband By 2022

An anonymous reader quotes a report from Ars Technica: OneWeb has emerged from Chapter 11 bankruptcy under new ownership and says it will begin launching more broadband satellites next month. Similar to SpaceX Starlink, OneWeb is building a network of low-Earth orbit (LEO) satellites that can provide high-speed broadband with much lower latencies than traditional geostationary satellites. After a launch in December, "launches will continue throughout 2021 and 2022 and OneWeb is now on track to begin commercial connectivity services to the UK and the Arctic region in late 2021 and will expand to delivering global services in 2022," OneWeb said in an announcement Friday. In March this year, OneWeb filed for bankruptcy and reportedly laid off most of its staff. In July, OneWeb agreed to sell the business to a consortium including the UK government and Bharti Global Limited for $1 billion. In the Friday announcement, OneWeb said it has secured "all relevant regulatory approvals" needed to exit bankruptcy. "Together with our UK Government partner, we recognized that OneWeb has valuable global spectrum with priority rights, and we benefit from $3.3 billion invested to date and from the satellites already in orbit, securing our usage rights," Bharti founder and Chairman Sunil Bharti Mittal said.

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