Satellite Internet Company OneWeb Files for Bankruptcy

OneWeb, one of the companies looking to use constellations of satellites to provide competition to terrestrial and wireless broadband providers, has filed for bankruptcy and will try to sell the company.  OneWeb suggested it was on the verge of getting financing when the pandemic hit. It had already invested billions of dollars in the enterprise. Back in June 2017, the Federal Communications Commission unanimously approved OneWeb's request to deliver its service in the US market (as part of a global operation), including particularly hard-to-reach and expensive-to-reach rural areas, after FCC chairman Ajit Pai proposed approving it.