Oneweb has appealed to the [U.K.] Government for a rescue loan as the bankrupt satellite business hunts for a lifeline after a planned investment from Japanese giant SoftBank collapsed.
The British satellite company, which filed for Chapter 11 protection in the US, has held talks on whether a state-backed loan could provide urgent funding needed to revive the business.
In a letter to Downing Street, OneWeb is understood to have offered to move its entire operations from Florida to Britain. Ministers were told that transforming the business into a UK-centric operation could address ongoing security concerns about Britain’s telecoms network and deliver on the Government’s pledge to bring faster broadband to rural areas by 2025. Meanwhile, a warning was issued that without a taxpayer-backed loan, OneWeb’s cutting-edge technology could fall into foreign hands, sources said.