OneWeb Successfully Emerges From Chapter 11, Announces New CEO And Recommences Satellite Launches
- UK Government and Bharti Global confirmed as new owners of OneWeb
- Neil Masterson, appointed CEO of OneWeb
- Adrian Steckel, appointed Adviser to the Board
- 17th of December is the target launch date for OneWeb's Return to Flight
LONDON, Nov. 20, 2020 /PRNewswire/ -- OneWeb, the Low Earth Orbit (LEO) broadband satellite communications company, announces its emergence from U.S. Chapter 11 bankruptcy protection and achievement of all relevant regulatory approvals. A consortium of UK Government (through the UK Secretary of State for Business, Energy and Industrial Strategy) and Bharti Global, has invested $1bn of new equity to offer broadband connectivity services, via a constellation of 650 LEO satellites.
OneWeb will continue to be headquartered in the UK, bringing new R&D programmes, manufacturing opportunities and a global platform with priority spectrum usage rights. The company will ensure that the UK is at the forefront of a new commercial space industrial age, evolving technology and innovation, and will work with the UK commercial and academic space communities, along with other international specialists, in its research and development activities.
In connection with completion of the restructuring process, OneWeb is pleased to announce that Neil Masterson has been appointed CEO. Neil is formerly Co-Chief Operating Officer at Thomson Reuters having enjoyed a 20-year career with the global provider of news, information, and software.
He succeeds Adrian Steckel, who continues as an Adviser to the Board. Adrian joined OneWeb as CEO in September 2018 and has guided OneWeb through three successful launches, delivering 74 satellites into orbit, and securing priority spectrum use rights for OneWeb.
Neil Masterson comments: "I am looking forward to helping the OneWeb team deliver and commercialise their vision to provide internet access across the globe. OneWeb has a strong social purpose to improve the world's access to information, which I share. It has great talent, a compelling commercial opportunity, and is supported by committed and knowledgeable owners and investors.
"Our December launch puts the UK firmly in the global space business, alongside acknowledged Indian telecoms experts, Bharti Global. OneWeb will be a model for responsible co-operation in Space."
Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, comments: "This new phase and focus for the Company brings new leadership from Neil Masterson, who has extensive experience successfully operating global technology platforms in a complex industry undergoing rapid change.