Satellite internet startup OneWeb declares bankruptcy to look for a buyer

OneWeb’s dreams of satellite internet access have hit a major setback. The startup has filed for Chapter 11 bankruptcy after attempts to get crucial financing fell through. The company said it was “close” to getting support, but the COVID-19 pandemic produced a “financial impact and market turbulence” that cut the deal short. Chapter 11 bankruptcy will let it use debtor-in-possession proceeds to sell the business and keep its existing work going.

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