Anyone interested in competing with 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 .
“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.
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