OneWeb Global bid procedures approved; auction scheduled for July 2

By Caroline Salls

Pittsburgh, April 29 – OneWeb Global Ltd. received court approval of the bidding procedures for the proposed sale of its assets or interests, according to an order filed Wednesday 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 procedures. Those who are interested in participating in an auction must submit their final bids by 5 p.m. ET on June 26.

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 July 2, if necessary.

The sale hearing is scheduled for July 10.

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.

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