OneWeb files for Chapter 11 bankruptcy.

OneWeb files for Chapter 11 bankruptcy.

OneWeb has so far launched 74 satellites for its low erath orbit (LEO) constellation, intended to work with 44 earth station teleport hubs, about half of which are either completed or in development. Work has also been done on customer terminals. Successful demonstration tests have shown broadband speeds in excess of 400 Mbps and latency of 32 ms.

The Company and certain of its controlled affiliates have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

The Company intends to use these proceedings to pursue a sale of its business in order to maximize the value of the company.

For more information read the full press release here:

OneWeb files files for Chapter 11 bankruptcy.

Wishing them well, both business wise and heath wise.

Best regards, Eric.