UPDATE June 26: This story was updated to include Airbus's comment.

PARIS — The British government has agreed to make a large cash investment in bankrupt satellite broadband provider OneWeb Global Ltd. as part of a consortium that will be submitting a formal bid on June 26, industry officials said.

Submitting a bid is not winning an auction. A half-dozen other prospective bidders have been reviewing OneWeb’s virtual data room since the company filed for Chapter 11 protection on March 27: