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U.S. judge sends OneWeb’s rescue plan to vote and okays financing

Berlin, 27 September 2020. – A New York bankruptcy judge has sent OneWeb’s Chapter 11 plan for creditor vote and approved OneWeb’s financing plan, Law360 reported.

“A New York bankruptcy judge on Wednesday sent OneWeb Global’s $181 million equity-swap Chapter 11 plan to a creditor vote while approving $235 million in new financing that the satellite internet startup said will go toward restarting its launch program,” Law 360 reported.

According to the report, OneWeb’s counsel told U.S. Bankruptcy Judge Robert Drain that it had secured full creditor consent for the plan.

OneWeb had filed for bankruptcy in March. In July, the UK Government and the Indian Bharti Global group won a bid to rescue the firm. Later in July, Hughes, global distribution partner of OneWeb, joined the consortium.

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