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SoftBank Drops 10% After OneWeb Files For Bankruptcy Protection

March 30, 2020, 1:27 AM

SoftBank Group Corp. fell as much as 10% after a satellite operator it invested in filed for bankruptcy, ceding some gains from an unprecedented plan to sell assets and buy back shares.

OneWeb made the filing late Friday U.S. time after raising about $3.3 billion in debt and equity financing from shareholders including SoftBank, Airbus SE and Qualcomm Inc. since its inception. At least $1 billion of that came from SoftBank, which said it first invested in December 2016 and declined to give a total amount.

It is the latest blow to SoftBank founder Masayoshi Son, who last week...

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