Report: OneWeb Considering Bankruptcy

Well, this doesn’t sound good.

OneWeb, the satellite operator backed by SoftBank Group Corp., is mulling a possible bankruptcy filing to address a cash crunch as it grapples with high costs and stiff competition, according to people with knowledge of the preparations.

The company is considering seeking court protection even as it continues to review possible out-of-court alternatives, said the people, who asked not to be named discussing private company plans.

OneWeb would be among the first SoftBank-backed companies to file for bankruptcy. A spokeswoman for SoftBank, which is OneWeb’s largest investor, declined to comment.

A spokesperson for OneWeb declined to comment.

So, OneWeb could become NoneWeb.

Read the full story at Bloomberg.