Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

British satellite firm OneWeb emerges from bankruptcy

11/20/2020 | 04:55pm EST

(Reuters) - Satellite operator OneWeb said on Friday it has emerged from Chapter 11 bankruptcy protection with $1 billion (752.67 million pounds) in equity investment from a consortium of the UK Government and India's Bharti Enterprises, the new owners of the UK-based company.

The investment puts OneWeb on track to compete with Elon Musk's SpaceX in the race to use low-Earth orbit satellites to provide high-bandwidth and low-latency communication services.

OneWeb said it appointed Neil Masterson, former co-chief operating officer at Thomson Reuters, as its new chief executive officer, succeeding Adrian Steckel, who will continue as an adviser to the board.

OneWeb, founded in 2014 by entrepreneur Greg Wyler, filed for bankruptcy protection at the end of March after its biggest investor SoftBank Group Corp pulled funding.

The company also said it aims to resume satellite launches on Dec. 17 and is on track to begin commercial connectivity services to the UK and the Arctic region in late 2021, and expand globally in 2022.

(Reporting by Ayanti Bera in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHARTI AIRTEL LIMITED -2.56% 580.95 End-of-day quote.14.07%
SOFTBANK GROUP CORP. 2.90% 8946 End-of-day quote.11.02%
THOMSON REUTERS CORPORATION -0.77% 103.02 Delayed Quote.-1.11%
Latest news "Companies"
08:48aTHOMSON RESOURCES : 2021 lachlan fold belt drilling programs commenced
AQ
08:48aIAMGOLD : Orezone announces combined US$182 Million financing to fully fund Bombore into production
AQ
08:48aSERICA ENERGY : OFAC License Renewal and Corporate Update
AQ
08:48aVANADIUMCORP RESOURCE : Vanadium Corp Resource Inc. - Paul McGuigan Appointed to Board of Directors and as Vice President of Business Development
AQ
08:48aSOUTHERN SILVER EXPLORATION : Extends Oxide-Gold and Sulphide Zones at Cerro Las Minitas with 6.1 Metres Averaging 344gt Ag, 5.7% Pb and 3.9% Zn and 1.0 Metre Grading 1070gt Ag, 23.3% Pb and 3.2% Zn
AQ
08:48aE3 METALS : Announces Upsize to Previously Announced 'Bought Deal' Private Placement
AQ
08:48aCHESSWOOD GROUP LIMITED : Announces January 2021 Dividend
AQ
08:48aNOUVEAU MONDE GRAPHITE : - Construction Commenced of Phase 1 Purification Facility for Lithium-Ion Battery Material in Becancour and the Land for Phase 2 Expansion Is Now Successfully Acquired
AQ
08:48aCRITICAL ELEMENTS LITHIUM : announces $10 million Bought Deal private placement of units
AQ
08:48aTORCHLIGHT ENERGY RESOURCES INC : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
Latest news "Companies"