OneWeb exits 8 months of Chapter 11 having wiped away $3.4B in debt; needs $1.2B in new financing

by Peter B. de Selding

PARIS — The OneWeb Global satellite broadband company formally exited bankruptcy on Nov. 20 eight months after seeking the protection of the U.S. Chapter 11 restructuring process.

The company has reduced its debt by some $3.4 billion, including $1.6 billion in secured debt, and received commitments for $1 billion in new equity from the British government and telco network operator Bharti Global of India.

The British government owns a “golden share” of the new OneWeb, but its formal equity ownership is 42%. Bharti . . .

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