It’s official: OneWeb just filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
- launched 74 operational satellites to orbit
- half of its 44 ground stations completed or in development
- performed successful demonstrations of its system with broadband speeds in excess of 400 Mbps and latency of 32 ms.
OneWeb CEO Adrian Steckel:
“It is with a very heavy heart that we have been forced to reduce our workforce and enter the Chapter 11 process while the Company's remaining employees are focused on responsibly managing our nascent constellation and working with the Court."
Milbank is serving as OneWeb's legal counsel, FTI Consulting is serving as its restructuring advisor, and Guggenheim Securities is serving as its financial advisor.
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