UK Government steps in to save OneWeb with $500mn investment
The UK’s Business Secretary Alok Sharma has confirmed a Government lifeline of $500 million for OneWeb, the ambitious satellite firm which recently filed for Chapter 11 Bankruptcy.
Jamie Davies
July 6, 2020
3 Min Read
The UK’s Business Secretary Alok Sharma has confirmed a Government lifeline of $500 million for OneWeb, the ambitious satellite firm which recently filed for Chapter 11 Bankruptcy.
Alongside Bharti Global, the UK Government will become a ‘significant’ equity shareholder in OneWeb, posting $500 million to save the company from financial distress. While Bharti Global will take commercial and operational leadership at the firm, the UK Government will now have an ownership stake in the satellite firm as a new chapter of the Space Race develops.