OneWeb’s bankruptcy court heard this week that the company’s unsecured creditors will drop their $1.6 billion claim, and instead adopt a mediated global settlement.
OneWeb has asked its bankruptcy court for permission to modify various disclosures which would reflect the new settlement which reflects the decision of the Official Committee of Unsecured Creditors.
OneWeb had already offered $6.1 million to settle the unsecured creditor claims, and has now agreed to pay at least $9.3 million. This would represent some 16.8 per cent of their unsecured claims.
The Chapter 11 reorganisation is itself proceeding reasonably rapidly. A 161-page Third Plan of Reorganisation was filed at the court on September 22nd with mention of a new Board of Directors (from the ‘BidCo’ consortium led by the UK Government and Bharti Global) and specifying that all current employees are to be retained.