OneWeb, a UK-based satellite internet startup, filed for Chapter 11 bankruptcy on March 27, 2020, after its largest investor, SoftBank, declined to provide additional funding amidst the financial turmoil caused by the COVID-19 pandemic. As part of the bankruptcy process, the company laid off approximately 85% of its workforce, which amounted to about 451 employees out of a total of 531. The pandemic disrupted OneWeb's advanced negotiations for crucial financing needed to complete its ambitious global broadband constellation, which had already placed 74 satellites in orbit. With total liabilities of $2.1 billion and significant debts to creditors like Arianespace, the company's inability to secure further investment led to this drastic restructuring in the competitive satellite communications industry.
