OneWeb, with its Chapter 11 bankruptcy ending the next three months, has succeeded in obtaining an additional $235 million (€201.8m) in ‘Debtor in Possession’ financing.
OneWeb’s bankruptcy court approved the request last week in order to maintain output of its satellites under construction in Florida, plus day-to-day expenses as well as ongoing development work on OneWeb’s user terminals.
The court also approved an immediate payment of $9.75 million to be paid to Arianespace. Arianespace insisted on the payment being made ahead of any promises regarding the upcoming December launch of the next batch of OneWeb satellites.
The bankruptcy exit is progressing well and it is likely that the court will approve OneWeb’s latest restructuring plan early in October, helped by the incoming buyers comprising the UK government, Bharti Global of India and Softbank.