OneWeb's dreams of satellite internet access have hit a major setback. The startup has filed for Chapter 11 bankruptcy after attempts to get crucial financing fell through. The company said it was "close" to getting support, but the COVID-19 pandemic produced a "financial impact and market turbulence" that cut the deal short. Chapter 11 bankruptcy will let it use debtor-in-possession proceeds to sell the business and keep its existing work going.
The company also alluded to job cuts with references to "remaining employees," but didn't say how many people were losing jobs.