Coronavirus pushes SpaceX competitor OneWeb into bankruptcy

April 8, 2020   |   Category: Prophecy News   |   Tags:


Anyone interested in competing with Elon Musk in his bid for satellite broadband domination may be able to get started by buying up his primary competitor’s business at a fire-sale price. After launching just 74 satellites for a constellation meant to include 648 of the orbiting routers, OneWeb filed for bankruptcy on Friday.

OneWeb said in a statement that it had been in the process of securing financing to carry it through deploying the rest of its satellites and launching commercial high-speed internet access, but negotiations were derailed by the coronavirus pandemic.

“While the Company was close to obtaining financing, the process did not progress because of the financial impact and market turbulence related to the spread of COVID-19,” the statement read.

MORE: https://www.cnet.com/news/coronavirus-pushes-spacex-competitor-oneweb-into-bankruptcy/

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