ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
SoftBank

SoftBank-backed OneWeb files for Chapter 11 bankruptcy plan

OneWeb, the satellite operator backed by Japan's SoftBank Group Corp, said it has filed for Chapter 11 bankruptcy to pursue a sale of its business and and has cut its workforce amid the coronavirus outbreak.

OneWeb is in negotiations for debtor-in-possession financing, which if acquired and approved by the court will support its ongoing business, the company said in a statement that did not mention how many jobs were being cut.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more