The
The company announced the filing Friday in the
The filing comes after the company was unable to secure new funding from its largest investor,
The company said it's been seeking funding since the beginning of the year, but was unsuccessful because of the disruption in the economy associated with the coronavirus pandemic.
OneWeb CEO
"Our current situation is a consequence of the economic impact of the COVID-19 crisis," Steckel said in a statement. "We remain convinced of the social and economic value of our mission to connect everyone everywhere."
Steckel added that the bankruptcy process will help the company "carve a path forward," to complete its mission.
The company aims to mass produce 325-pound satellites at its
To date, the company has launched 74 satellites as part of its megaconstellation in low Earth orbit. These satellites include 34 launched into orbit on a Russian-built Soyuz rocket from Baikonur Cosmodrome in
Prior to the bankruptcy filing announcement, OneWeb had planned to begin Internet service next year.
The company has raised
Amazon and Telesat also have plans to increase global connectivity to the Internet through satellites, but haven't begun megaconstellation launches.
But rival
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