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Satellite firm invested by Softbank files for bankruptcy

British satellite company OneWeb Ltd., whose largest shareholder is Japan's Softbank Group Corp., filed for Chapter 11 bankruptcy protection. (Twitter/@OneWeb)
British satellite company OneWeb Ltd., whose largest shareholder is Japan's Softbank Group Corp., filed for Chapter 11 bankruptcy protection. (Twitter/@OneWeb)
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28 Mar 2020 07:03:45 GMT9
28 Mar 2020 07:03:45 GMT9

SILICON VALLEY: British satellite company OneWeb Ltd., whose largest shareholder is Japan's Softbank Group Corp., filed for Chapter 11 bankruptcy protection in the United States on Friday.

OneWeb had held talks for fund procurement since the beginning of this year. But the negotiations have broken down due chiefly to market confusion triggered by the spread of the new coronavirus.

According to US broadcaster CNBC, Softbank has so far invested 2 billion dollars in OneWeb and declined to make an additional investment.

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