SoftBank-led secured creditors group getting 5.9 cents on the dollar in OneWeb Chapter 11 settlement

by Peter B. de Selding

PARIS — The settlement agreement reached by OneWeb Global Ltd. and its creditors and validated on Oct. 2 by a Chapter 11 bankruptcy court was made possible only after OneWeb’s secured creditors agreed to receive 5.9 U.S. cents on the dollar for their nearly $1.65 billion in 12.5% notes.

These creditors, led by SoftBank Group, will not be getting their 5.9 cents in cash, but in the form of stock in the restructured OneWeb under the ownership of the British government and India’s . . .

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