OneWeb is a known internet satellite company, which seems to be making news these days. It is on the verge to declare its bankruptcy in the market and the financial institution like SoftBank is helping in achieving this. Instead of pumping a huge amount of dollars to save the company, things are going the other way round. On the other side, SoftBank is seen investing a whopping amount of 2 billion USD on OneWeb, and it has remained in the media for the very same reason. However, when the company needed more to sustain in this tough market, the satellite operator seems to have bowed down at the moment.
As per the ongoing discussion between the internet company and SoftBank, the former is all set to file for Chapter 11 bankruptcy on Friday when it makes the markets close in New York sharp at 4 p.m informed the newspaper. The Spokespeople for SoftBank and the internet company OneWeb, however, have declined to comment. The company OneWeb, which is seen in the early stage when it comes to launching the global satellite internet constellation that could have been completed directly with the network called SpaceX, which is now called Starlink. On the other side, SoftBank remains the largest investor in the market and it has raised around $3.4 billion when it comes to funding with the investors including Qualcomm, Virgin Group, Airbus, Coca-Cola, Hughes Communications, Maxar Technologies, and Intelsat to name a few.
All the 74 of the satellite companies, the above named one OneWeb is known to place its orbit very much far from the operation as expected. The experts claim that the company has always raised huge money for its survival. The company official claims that by raising capital it has always returned to the market in a big way. The media has often reported about the same and now we see the media organization The Financial Times first to report about the OneWeb when it comes to file for bankruptcy. Gwynne Shotwell who remains the president of SpaceX along with being a COO, he was seen knocking the company OneWeb with his comments long back in the investors’ meeting at the Metropolitan Opera House in New York City.
The lady was seen categorically as she said that the new internet space race seemed very much in capacity when it comes to satellites rather than the competitors. The competitors are seen largely made on the new entrants over the market as the OneWeb is seen doing better than the previous ones. The SpaceX leader on the other side did not stop comparing when it comes to offering the comparison thus giving the opera house with the complete list of investors seen active over the ominous warning when it comes to backing the OneWeb. She further warned everyone saying that anyone planning to invest in OneWeb, she would never recommend the same. She went on to allege that the company has fooled some people who seemed to have gone dismayed in the near term.