OneWeb Could File for Bankruptcy As Early As Today
Less than a week ago, satellite internet broadband company OneWeb launched its second big batch of satellites into Earth orbit, growing its active constellation to 74, but it may be all for naught.
As the Financial Times reports today, OneWeb has failed to convince its financial backer SoftBank (OTC: SFTBY) to ante up the $2 billion in additional funding needed to keep the company afloat. Talks have been ongoing between the two companies throughout the coronavirus crisis. OneWeb hopes to convince its backer to give it just enough money to tide it over while seeking new investors. These talks, however, reportedly "collapsed" on Saturday.
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Source Fool.com
