OneWeb to file for U.S. bankruptcy protection as search for new investors comes up empty

by Peter B. de Selding

PARIS — OneWeb Ltd. is preparing a U.S. Chapter 11 bankruptcy filing that industry officials said could come as early as today to give the company time to get past the Covid-19 crisis and find an investor, industry officials said.

OneWeb was seeking to raise $1 billion this year, with its biggest backer, SoftBank Group, agreeing in principle to provide half of that on condition that OneWeb secure the rest elsewhere, officials said. 

Whether that SoftBank offer still holds is unclear, as at the . . .

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