OneWeb: Chapter 11 gets us through Covid-19 storm. Then we solicit bids from prospective buyers

by Peter B. de Selding

PARIS — Broadband satellite constellation startup OneWeb Global Ltd. said it wants to use its Chapter 11 bankruptcy filing as a temporary shelter from the financial turmoil caused by Covid-19 while it organizes a competitive bidding process for its assets.

The company said it had hired Guggenheim Securities LLC in February to examine strategic options and as late as mid-March was confident that current shareholders would agree to a long-term financing arrangement.

To prepare for the lean times ahead, OneWeb had already reduced . . .

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