Britain’s government bailed out OneWeb in 2020. Now it’s in trouble
Losing access to Russian launchpads is a big blow for the satellite-internet company
IN MARCH 2020 OneWeb, a satellite-internet company, filed for bankruptcy after its biggest funder, SoftBank, a Japanese tech investor, declined to pump an extra $2bn into the firm. OneWeb emerged from bankruptcy in November 2020 clutching $1bn of fresh capital, including $500m from Britain’s government for a 33% stake, reduced to 19% in later investment rounds. It planned to start selling internet access in Britain in late 2021 and elsewhere in 2022.
This article appeared in the Britain section of the print edition under the headline “Failure to launch”
Britain March 12th 2022
- Two years on, Britain’s capital has recovered from covid-19
- Britain’s government bailed out OneWeb in 2020. Now it’s in trouble
- Body cameras are moving into British retail
- Companies are spying on job candidates online
- Higher inflation is raising the cost of servicing Britain’s government debt
- Chinese money is pouring into British universities
- The Conservatives are planning to overhaul the Human Rights Act
From the March 12th 2022 edition
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