SoftBank-Backed OneWeb Files for Chapter 11 Bankruptcy Plan, Cuts Jobs
OneWeb, the satellite operator backed by Japan's SoftBank Group, said it has filed for Chapter 11 bankruptcy to pursue a sale of its business and has cut its workforce amid the coronavirus outbreak.OneWeb is in negotiations for debtor-in-possession financing, which if acquired and approved by the court will support its ongoing business, the company said in a statement that did not mention how many jobs were being cut.The company also said it had been in talks for funding since the beginning of the year but the process had…