On March 20, according to foreign media reports,According to people familiar with the situation, oneweb, a satellite operator supported by Softbank group of Japan, is in a tight financial situation and is considering bankruptcy in the face of the challenges of surging operating costs and intensified competition.Oneweb is considering seeking court protection, although it continues to look for possible out of court alternatives, people familiar with the matter said.
Oneweb will be one of the first companies to file for bankruptcy with Softbank, its largest investor. Oneweb and Softbank speakers declined to comment.
Headquartered in London, oneweb produces so-called low earth orbit satellites that provide high-speed communications. Since its inception, it has secured about $3.3 billion in debt and equity financing from shareholders such as Softbank, Airbus Se and Qualcomm, according to the filing.
Although Satellite Internet technology is still in its early stage, this business is not only affected by high start-up costs, but also faced with an uncertain regulatory environment. Softbank has reportedly increased its lobbying efforts in Washington, including supporting initiatives to allow oneweb to launch more satellites to provide Internet access.