Would-be broadband satellite operator OneWeb is reportedly contemplating bankruptcy as its cash-in-hand dries up.
A Bloomberg report says OneWeb is “mulling a possible bankruptcy” as cash is running out and it faces “stiff competition”. The report quotes as its sources “people with knowledge of the preparations”.
OneWeb, which is launching 34 satellites on March 22nd, is backed by Japanese conglomerate SoftBank as a major investor which has helped the satellite operator to raise some $3.3 billion with smaller shareholders such as Airbus, Qualcomm and others.
The report cites the intensive competition which OneWeb faces including Elon Musk’s SpaceX/Starlink system and Jeff Bezos’ and his Project Kuiper mega-constellation.