Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Bharti Enterprises firm bids for bankrupt OneWeb

OneWeb has estimated assets in the range of $1 billion to $10 billion and liabilities in the same range, according to US bankruptcy court filings. The company had said that bids were to be opened Friday. But if there was no clear winner in the eyes of the US judge and OneWeb’s creditors, an auction would be held on July 2.

ET Bureau |Updated: June 30, 2020, 12.06AM IST
NEW DELHI: A Bharti Enterprises group company is believed to have put in a bid for Softbank-backed OneWeb, a satellite operator, a person familiar with the matter said. “There has been some interest from Bharti Enterprises in OneWeb,” the person told ET. Bharti Enterprises, which is believed to have put in a bid backed by the UK government,
looks positive to support UK’s ambition to continue to be a leading player in space. As an original investor, and the manufacturer, in OneWeb, Airbus is pleased that a way forward looks likely,” the company said. “…We would look forward to supporting OneWeb in the next phase of their business and growing the UK contribution to this market changing business.”

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service