Bankrupt OneWeb Needs $2.5B to Finish Satellite System: Lawyer

The company is negotiating with its majority-owner, SoftBank Group Corp. for a loan to fund its reorganization case, which would give the satellite operator more time to either reorganize or find a buyer, lawyers said at OneWeb’s first hearing in bankruptcy.

• OneWeb filed bankruptcy March 27 after being shut out of credit markets by the economic turmoil caused by the Covid-19 pandemic, company bankruptcy attorney Dennis Dunne said during a telephone-based federal court hearing
  • The London-based company needs to raise about $2.5 billion to increase the number of satellites in low-earth orbit from 70 to the more than 600 needed ...