OneWeb, the London-based venture that launched its latest batch of broadband internet satellites last weekend, filed for Chapter 11 bankruptcy protection in New York today.
“The company intends to use these proceedings to pursue a sale of its business in order to maximize the value of the company,” OneWeb said in a news release.
OneWeb has 74 satellites in low Earth orbit, and half of its 44 planned ground stations have been completed or are in development. It was planning to begin offering broadband internet access in the Arctic as soon as this year, and broaden its service to the entire globe with hundreds of satellites over the next year or so. All those plans are now up in the air.