OneWeb emerges from Chapter 11 and recommences satellite launches2020-11-24 18:59 by Daniela
Satellite communications provider OneWeb officially resurfaced from bankruptcy, readying ambitious operations relaunch plans with a new CEO on board.
In a statement, OneWeb said it has now emerged from US Chapter 11 bankruptcy protection it filed for in March, after securing $1 billion backing from the UK government and Indian conglomerate Bharti Enterprises in July.
The completion of sale comes with a change in leadership at the company. OneWeb said that Neil Masterson will take over as chief executive, replacing Adrian Steckel. Masterson comes from outside the space and telecommunications industries, having spent the last 20 years at Thomson Reuters, most recently as co-chief operating officer.
OneWeb also confirmed that it will resume satellite launches with a Dec. 17 launch of 36 satellites on a Soyuz rocket from the Vostochny Cosmodrome in Russia. The company expects to have its full constellation of about 650 satellites in orbit by the end of 2022, with initial service in Arctic regions starting by late 2021.
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