Broadband communication satellite company OneWeb has emerged from its Chapter 11 bankruptcy protection status, the company announced today. It is now officially owned by a consortium made up of the UK government and India’s Bharti Global, and Neil Masterson is now installed as CEO, replacing outgoing CEO Adrian Steckel, who will remain as an adviser to the board. .
OneWeb seems eager to resume actively launching the satellites that will make up his constellation of 650 men that he has set December 17 as the target date for his next launch. The company already has 74 satellites in orbit in three previous launches, which took place before it filed for bankruptcy in March.
The acquisition of OneWeb through the joint venture between the British government and Bharti Global was revealed in July, allowing the financially troubled company to regain its active status with $ 1 billion in equity. The UK-based company will continue to operate primarily out of the UK through this new agreement, and it is positioning itself as a key cornerstone in positioning the UK as a leader and innovator in the space industry.
The company also announced that its joint venture manufacturing plant with Airbus has resumed operations in Florida and will continue to produce new spacecraft for future launches. The plan is to launch additional satellites throughout next year and 2022, then begin offering commercial service in some areas at the end of 2021, with a worldwide expansion of the service slated for 2022.
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