Oneweb’s satellites aim to take broadband to remote areas with little coverageCreditors of Oneweb have accused the satellite business of paying bonuses of millions of dollars to directors before it was bailed out by British taxpayers. Filings in a US bankruptcy court show that a group of unsecured creditors are questioning what they call “Enron payments” to executives before its bankruptcy, a reference to the energy trading company that collapsed after an accounting scandal in 2001. The use of a private jet by the company’s founder, Greg Wyler, was also highlighted by creditors. Oneweb filed for bankruptcy in the US and laid off most of its staff in March after failing to raise more investment when its biggest backer, Softbank, pulled out of talks because of concerns about Covid-19. It planned to use 648 low-orbit satellites,

Source: The Times August 23, 2020 23:02 UTC