OneWeb/Instelsat Scuttled Due to Bondholder Resistance

The OneWeb/Intelsat deal is off, with Intelsat bondholders not fans of the terms of the senior unsecured note exchanges between the two companies, Intelsat said in a news release Thursday: It and OneWeb will continue jointly developing services using Intelsat's geosynchronous and OneWeb's low earth orbit constellations and to act as a SoftBank sub-distributor. The transaction was announced earlier this year (see 1702280057). FCC members are tentatively to vote at their June 22 meeting on OneWeb's requested U.S. market access for its 720-satellite constellation (see 1706010049).