As per industry sources, a Bharti Enterprises group company has submitted a bid for Softbank-backed OneWeb with backing from the UK government.
The UK government plans to commit around $500 million to OneWeb alongside other investors as part of the company’s Chapter 11 bankruptcy proceedings.
According to US bankruptcy court filings, OneWeb has assets in the range of $1 billion to $10 billion and liabilities in the same range. OneWeb has said that bids were to be opened on Friday, however, if there was no clear winner in the eyes of the US judge and OneWeb’s creditors, an auction would be held on July 2, 2020.
Earlier in 2015, Bharti Enterprises, along with other investors including Qualcomm Inc., Richard Branson’s Virgin Group and Airbus Group NV, had acquired a minority stake in OneWeb. Following this, OneWeb formed an alliance in 2018 with partners including Delta Air Lines Inc., Bharti Airtel and Sprint Corp. to allow wireless carriers to extend their service into airplane cabins.
However, in May 2020, OneWeb voluntarily filed for bankruptcy protection.