Softbank-backed satellite manufacturer OneWeb of London has filed for Chapter 11 bankruptcy.

“OneWeb has been building a truly global communications network to provide high-speed low latency broadband everywhere,” says OneWeb CEO Adam Steckel, “our current situation is a consequence of the economic impact of the COVID-19 crisis. We remain convinced of the social and economic value of our mission to connect everyone everywhere. Today is a difficult day for us at OneWeb. So many people have dedicated so much energy, effort, and passion to this company and our mission. Our hope is that this process will allow us to carve a path forward that leads to the completion of our mission, building on the years of effort and the billions of invested capital. It is with a very heavy heart that we have been forced to reduce our workforce and enter the Chapter 11 process while the Company’s remaining employees are focused on responsibly managing our nascent constellation and working with the Court and investors.”

OneWeb has launched 74 out of a planned constellation of 648 satellites. If a buyer cannot be found for them, the UK government, as the licensing authority, has to take responsibility for them.

OneWeb makes low-orbit communications satellites. Softbank invested $2.25 billion in OneWeb and owns 47% of the company. Other investors are Airbus, Qualcomm, Intelsat, Bharti Enterprises, Coca Cola, Group Salinas, Hughes Network Systems, and Virgin Group.

The company has recently been in talks with Softbank seeking another $2 billion but these fell through in the current economic circumstances.

Competitors include Elon Musk and Jeff Bezos.

OneWeb owes Arianespace, which launches its satellites, $268 million