One Web is excited after a U.S. bankruptcy court clearing it deeming the satellite manufacturer fit to recommence the construction of spacecraft. These spacecrafts will enable the company to launch the broadband of its massive constellation. The U.S. Bankruptcy Court of Southern District in New York further allowed the firm to pay its satellite vendors. This move paves the way for OneWeb to sell its products to the British government and Bharti Global.
The court supports BidCo 100 substituting SoftBank and Grupo Elektra to act as the financial supporter. This move implies that BidCo 100 will furnish OneWeb with $50.7 million to facilitate the resumption of operations at OneWeb Satellites. OneWeb Satellites is a joint business between Airbus and OneWeb whose purpose is to develop satellites for the OneWeb constellation.
BidCo intends to furnish OneWeb with the $1 billion they had applied for via the Chapter 11 bankruptcy protection. Quilty Analytics approximates that this sum of money will help the firm clear its debts, administrative costs, and remain with enough cash to use for other activities.
OneWeb explained to the court that early payments to OneWeb Satellites would hasten the resumption of building operations. Additionally, the firm predicts that this move will maintain the supply chain.
The quantity of satellites that will be developed by the firm is uncertain. OneWeb Satellites’ spokesperson Molly Townsend revealed that the firm is processing the agreement that initially supported 648 satellites. However, the firm is adamant about disclosing the number of satellites it has manufactured before applying for bankruptcy.
Details show that OneWeb Satellites was manufacturing two satellites daily at its Florida facility. In March, the firm deployed 34 satellites, increasing its on-orbit satellites to 74. Before applying for bankruptcy protection, the firm indicated that it would be launching over 30 satellites in May.
The purpose of formulating OneWeb Satellites was to produce satellites in large quantities. The British government has shown interest in this kind of satellites, a sign that the firm will rethink whether to open a branch in the U.K. or shift from Florida. The British government is keen to fulfill the U.K.’s hope of having a mega constellation of satellites in space.
U.K.’s secretary of state for business, energy and industrial strategy, Alok Sharma, revealed that this project is creating jobs for British citizens. Some of the U.K. based suppliers for OneWeb Satellites are CGI and Teledyne Defence & Space.
Finally, Sharma hopes for a future where they will be directly manufacturing this kind of satellite. He also relays that the U.K. government is looking forward to utilizing OneWeb to develop a global satellite navigation system.