OneWeb Resurfaces from Bankruptcy with New Leadership and Ambitious Plans
Satellite broadband provider OneWeb has officially exited Chapter 11 bankruptcy protection, marking a pivotal turnaround for the company. The U.K. government and India’s Bharti Global now jointly own the revitalized firm, with Neil Masterson stepping in as the new CEO. Former chief executive Adrián Steckel will transition to a board advisory role.
A Fresh Start with December 17 Launch Target
OneWeb is wasting no time getting back on track. The company has set December 17 as the launch date for its next batch of satellites, continuing its mission to build a 650-satellite constellation. Currently, 74 satellites already orbit Earth from three pre-bankruptcy launches earlier this year.
The $1 Billion Lifeline: U.K. and Bharti Global Partnership
The company’s revival stems from a July 2020 acquisition deal that injected $1 billion in equity funding. This strategic partnership:
- Positions OneWeb as a key player in the U.K.’s space ambitions
- Maintains the company’s primary operations in the U.K.
- Combines government backing with private sector expertise
Manufacturing Resumes, Global Service on Horizon
Key developments in OneWeb’s comeback strategy:
- The Florida-based joint manufacturing facility with Airbus has resumed operations
- Satellite production is underway for future launches
- Commercial service rollout planned for late 2021 in select regions
- Global expansion targeted for 2022
This resurgence positions OneWeb as a significant contender in the competitive satellite internet market, with its new ownership structure providing both financial stability and strategic advantages.
