OneWeb secures exclusivity extension to work toward consensual plan

By Caroline Salls

Pittsburgh, July 30 – OneWeb Global Ltd. obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

OneWeb’s exclusive plan-filing period was extended by 90 days through Oct. 23 and the solicitation period through Dec. 22.

In the motion filed on July 10, the company asked the court to extend its exclusive filing period by 120 days through Nov. 22 and the solicitation period through Jan. 21.

“With just a skeleton of their original team, the debtors have spent the first three months of these cases working tirelessly to manage the extension requirements of Chapter 11, negotiate and obtain debtor-in-possession financing, maintain operations and important vendor relationships and conduct a robust, open and competitive marketing process for the sale of all or substantially all of the debtors’ assets or equity interests,” the motion said.

As previously reported, OneWeb has entered into a plan support agreement with sponsor BidCo 100 Ltd. The company said the sponsor’s commitment sets the path for OneWeb to propose and fund a Chapter 11 plan.

The company said the exclusivity extension allows it to conduct negotiations with its creditors and work toward confirming a consensual plan.

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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