SpaceX rival OneWeb has filed for bankruptcy less than a week after launching another batch of internet satellites, as it failed to raise more funds for its program amid the Covid-19 pandemic.

The London-based venture, as well its affiliates, filed for Chapter 11 bankruptcy on Friday, saying that the proceedings are aimed at pursuing “a sale of its business in order to maximize the value of the company.”

Since the beginning of the year, OneWeb had been trying to get more investment. The company says that is was close to obtaining the necessary financial support, but talks failed due to market turbulence triggered by the coronavirus outbreak. (RT)