OneWeb Global seeks approval of $9.95 million DIP financing increase

By Caroline Salls

Pittsburgh, Sept. 11 – OneWeb Global Ltd. requested court approval of an amendment to its debtor-in-possession facility that allows the company to receive an additional $9.95 million in financing, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The company said it used its initial interim funding in part to enable a joint venture with Airbus to resume the production of OneWeb satellites.

In order to launch these satellites, OneWeb said it must pay launch provider Arianespace SAS $9.75 million by mid-September to secure a launch of the end of the year and resume its monthly launch schedule.

OneWeb said its Chapter 11 plan sponsor has agreed to provide an additional $9.95 million in new-money DIP loans.

Under its restructuring support agreement, the company said the loans are expected to convert to equity and will not need to be repaid in cash.

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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