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SoftBank’s OneWeb Files for Bankruptcy After Cash Crunch

March 28, 2020, 3:27 AM

Satellite operator OneWeb filed for bankruptcy, becoming one of the first companies backed by SoftBank Group Corp. to seek court protection from its creditors after high costs and stiff competition led to a cash crunch.

The company listed liabilities and assets of more than $1 billion each in its Chapter 11 petition in U.S. Bankruptcy Court in White Plains, New York.

OneWeb had been in advanced discussions earlier in the year for a fresh investment, it said in a statement late Friday. But the discussions fell apart after the coronavirus pandemic sent markets into a tailspin, it said.

The ...