Stories
Slash Boxes
Comments

SoylentNews is people

SoylentNews is powered by your submissions, so send in your scoop. Only 13 submissions in the queue.

OneWeb Seeks Permission to Launch 48,000 Satellites Despite Bankruptcy

posted by martyb on Thursday May 28 2020, @12:15PM   Printer-friendly
from the does-it-go-round-in-circles?-♬♬ dept.

takyon writes:

Bankrupt OneWeb seeks license for 48,000 satellites, even more than SpaceX

SpaceX and OneWeb have asked for US permission to launch tens of thousands of additional satellites into low Earth orbit.

SpaceX's application to launch 30,000 satellites—in addition to the nearly 12,000 it already has permission for—is consistent with SpaceX's previously announced plans for Starlink.

OneWeb's application to launch nearly 48,000 satellites is surprising because the satellite-broadband company filed for bankruptcy in March. OneWeb is highly unlikely to launch a significant percentage of these satellites under its current structure, as the company reportedly "axed most of its staff" when it filed for bankruptcy and says it intends to use bankruptcy proceedings "to pursue a sale of its business in order to maximize the value of the company." Getting FCC approval to launch more satellites could improve the value of OneWeb's assets and give more options to whoever buys the company.

Previously:
SpaceX Approved to Deploy 1 Million U.S. Starlink Terminals; OneWeb Reportedly Considers Bankruptcy
OneWeb Goes Bankrupt, Lays Off Staff, Will Sell Satellite-Broadband Business

Original Submission

 
This discussion has been archived. No new comments can be posted.
OneWeb Seeks Permission to Launch 48,000 Satellites Despite Bankruptcy | Log In/Create an Account | Top | 12 comments | Search Discussion
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.

  • (Score: 5, Insightful) by looorg on Thursday May 28 2020, @02:53PM (4 children)

    by looorg (578) on Thursday May 28 2020, @02:53PM (#1000166)

    Seems like the last sentence here is the reason, pump up the company value for whatever potential buyer they have waiting in the background. If that is another company or just some kind of restructuring where the current board forms some new company and buy themselves or whatnot.

    Starting Score:    1  point
    Moderation   +3  
       Insightful=2, Informative=1, Total=3
    Extra 'Insightful' Modifier   0  
    Karma-Bonus Modifier   +1  
    Total Score:   5  

  • (Score: 0) by Anonymous Coward on Thursday May 28 2020, @03:02PM

    by Anonymous Coward on Thursday May 28 2020, @03:02PM (#1000170)

    Yes - a massive golden parachute for the remaining stockholders (senior execs of course!). Just need a friendly govt regulator to backdate the check and stamp it through in time. Anyone fancy a trip to Barnard Castle?

  • (Score: 3, Interesting) by takyon on Thursday May 28 2020, @03:22PM (2 children)

    by takyon (881) <reversethis-{gro ... s} {ta} {noykat}> on Thursday May 28 2020, @03:22PM (#1000175) Journal

    FCC could squash it, knowing the reason.

    --
    [SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]

    • (Score: 2, Insightful) by Anonymous Coward on Thursday May 28 2020, @03:39PM (1 child)

      by Anonymous Coward on Thursday May 28 2020, @03:39PM (#1000180)

      Not if Pai's brother's part of the buying group.

      • (Score: 2) by deimtee on Friday May 29 2020, @04:58AM

        by deimtee (3272) on Friday May 29 2020, @04:58AM (#1000415) Journal

        You mean selling group. If he was part of the buying group he would wait until after purchase before inflating its value.

        --
        If you cough while drinking cheap red wine it really cleans out your sinuses.