On March 27, unable to progress a financing round as a result of the financial impact and market turbulence amid the COVID-19 pandemic, satellite broadband company OneWeb Global Ltd. (OneWeb) and certain of its affiliates voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. OneWeb’s filing indicates that its current liabilities amount to roughly $2.1b. The company’s current shareholders include SoftBank Group Corp., Qualcomm Global Trading Pte. Ltd. and Airbus SE, holding equity stakes of approximately 37%, 16% and 8.5% respectively. OneWeb announced that it plans to pursue a sale process in order to maximize the value of its business.
