MOSCOW (Sputnik) – UK company OneWeb, which was planning to create a constellation of satellites to provide global internet access, announced that it has filed for bankruptcy in New York after failing to obtain financing amid the coronavirus pandemic.

A screen above the trading floor shows an intraday number for the Dow Jones industrial average, at the New York Stock Exchange, Wednesday, Aug. 14, 2019. Stocks are falling sharply after the bond market threw up another warning flag on the economy.

The company said that although it “was close to obtaining financing”, the process had stalled due to the coronavirus outbreak’s economic and financial impact.

OneWeb planned to create a constellation of satellites that would provide broadband internet access to users around the world fully covering the Earth’s surface.

In June 2015, Russia’s Roscosmos signed contracts with OneWeb and French company Arianespace to carry out a total of 21 commercial launches to put 672 satellites into space via Soyuz rockets from the Kourou, Baikonur, and Vostochny spaceports.

 

Sourse: sputniknews.com

UK Communications Company OneWeb Files for Bankruptcy Over Financial Squeeze

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