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Michael Sheetz+ Your Authors @thesheetztweetz Space Reporter @CNBC | pitches [email protected] | DM for cell, WhatsApp, Signal, ProtonMail | formerly @DJNF @ESTribune | alumnus @TheKingsCollege Mar. 27, 2020 1 min read + Your Authors

OneWeb failed to secure new funding from investors, including SoftBank, and is now preparing to lay off most of its 500 employees and file for bankruptcy as soon as Friday, the FT reports. 

FT: OneWeb was in talks with SoftBank to raise as much as $2 billion in fresh funding before the coronavirus crisis sent financial markets tumbling. Then OneWeb and SoftBank were unable to agree on a bridge loan to hold the company over until it secured new investment.

FT: A few dozen employees will still work at OneWeb to manage the satellites it has in orbit and allow it to keep is spectrum license, although the company's constellation is too small to offer services or generate revenue.

OneWeb plans to file for Chapter 11 bankruptcy when markets close in New York on Friday at 4 p.m. E.T, @sherman4949 reports: 

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