U.S. Bankruptcy Court Approves OneWeb Sale

The sale of bankrupt satellite maker OneWeb to the UK government and Bharti Global Ltd of India was approved by the Bankruptcy Court for the Southern District of New York on Friday.

The partners bid more than $1 billion for the assets of the company, which was launching a satellite constellation to provide high-speed broadband services around the world.

“The parties will work to complete the plan sale process, including filing our plan and disclosure statements with the court, conducting voting with our creditors, and seeking regulatory approval and completing customary closing conditions, and expect the process to be completed by the fourth quarter of 2020,” OneWeb said in a statement.

Before it declared bankruptcy in March, OneWeb had 74 of 648 satellites planned for the company’s initial constellation.