OneWeb sets bid procedures for proposed sale of assets or interests

By Caroline Salls

Pittsburgh, April 13 – OneWeb Global Ltd. requested court approval of the bidding procedures for the proposed sale of its assets or interests, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

Parties interested in bidding for the company’s assets or investing in OneWeb must submit their proposals by 5 p.m. ET on May 4 under the proposed procedures. Those who are interested in participating in an auction must submit their final bids by 5 p.m. ET on June 5.

OneWeb said it may designate one or more stalking hose bidders to serve as baseline bids for the auction process.

The auction will be held on June 11, if necessary.

A hearing on approval of the bid procedures is scheduled for April 24.

Arlington, Va.-based OneWeb develops a constellation of satellites to enable internet access. The company filed bankruptcy on March 27 under Chapter 11 case number 20-22437.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.