OneWeb Successfully Emerges From Chapter 11
Low Earth Orbit (LEO) broadband satellite communications company OneWeb has emerged from U.S. Chapter 11 bankruptcy protection after receiving all relevant regulatory approvals. A consortium of U.K. Government (through the U.K. Secretary of State for Business, Energy and Industrial Strategy) and Bharti Global, has invested $1 billion of new equity to offer broadband connectivity services via a constellation of 650 LEO satellites.
"OneWeb has a strong social purpose to improve the world's access to information, which I share. It has great talent, a compelling commercial opportunity, and is supported by committed and knowledgeable owners and investors."
OneWeb CEO Neil Masterson
OneWeb will continue to be headquartered in the U.K., bringing new R&D programs, manufacturing opportunities and a global platform with priority spectrum usage rights. The company will ensure that the U.K. is at the forefront of a new commercial space industrial age, evolving technology and innovation, and will work with the U.K. commercial and academic space communities, along with other international specialists, in its research and development activities.
In connection with completion of the restructuring process, the company has appointed Neil Masterson as CEO. Neil is formerly Co-Chief Operating Officer at Thomson Reuters having enjoyed a 20-year career with the global provider of news, information, and software. He succeeds Adrian Steckel, who continues as an Adviser to the Board.
"I am looking forward to helping the OneWeb team deliver and commercialize their vision to provide internet access across the globe," Masterson said. "OneWeb has a strong social purpose to improve the world's access to information, which I share. It has great talent, a compelling commercial opportunity, and is supported by committed and knowledgeable owners and investors.
"Our December launch puts the U.K. firmly in the global space business, alongside acknowledged Indian telecoms experts Bharti Global."
"This new phase and focus for the Company brings new leadership from Neil Masterson, who has extensive experience successfully operating global technology platforms in a complex industry undergoing rapid change," said Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises.
"Together with our U.K. Government partner, we recognized that OneWeb has valuable global spectrum with priority rights, and we benefit from $3.3 billion invested to-date and from the satellites already in orbit, securing our usage rights. I would like to thank Adrian Steckel for his valued contribution."
"This strategic investment demonstrates Government's commitment to the U.K.'s space sector in the long-term and our ambition to put Britain at the cutting edge of the latest advances in space technology," said U.K. Secretary of State for Business, Energy and Industrial Strategy Alok Sharma. "Access to our own global fleet of satellites has the potential to connect people worldwide, providing fast U.K.-backed broadband from the Shetlands to the Sahara and from Pole to Pole.
"This deal gives us the chance to build on our strong advanced manufacturing and services base in the U.K., creating jobs and technical expertise."
OneWeb has also announced the target date of December 17, 2020 for its Return to Flight, with a 36-satellite payload scheduled for launch by Arianespace from the Vostochny Cosmodrome. All the satellites have been shipped from Florida to Vostochny and are now undergoing preparation for launch.
Due to investment decisions made by the new shareholders, the joint venture facility with Airbus in Florida was reactivated and the dual production lines brought back into service.
Launches will continue throughout 2021 and 2022. The company says it is on track to begin commercial connectivity services to the U.K. and the Arctic region in late 2021 and will expand to delivering global services in 2022.
(Source: Bharti Global news release. Image provided)