SoftBank-backed (OTCPK:SFTBF,OTCPK:SFTBY) satellite operator OneWeb is considering bankruptcy due to a combination of low cash, high costs, and stiff competition, according to Bloomberg sources.
The sources say that OneWeb is still considering possible alternatives to court protection.
If OneWeb does opt for protection, it would be among the first SoftBank backed startup to file for bankruptcy.
SoftBank stepped in to bail out WeWork after its failed IPO and cash burn problem.