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Satnews Daily
May 12th, 2020

UPDATED: Forrester Reports: Musk Has No Interest in OneWeb and Phasor Enters Bankruptcy

Chris Forrester

Chris Forrester has posted a story at the Advanced Television infosite that the widespread reports last week suggested that Elon Musk’s SpaceX had conducted an examination of OneWeb’s assets, which is currently in Chapter 11 bankruptcy liquidation.

Elon Musk, in a Tweet, has denied those reports, saying, “Not SpaceX”

SpaceX’s apparent lack of interest still leaves a group of powerful players with interest in the OneWeb assets including Amazon, Cerebus Capital, Eutelsat (+French/EU interests) as well as two unspecified Chinese companies.

Final bids along with deposits have to be tabled by June 26th and an auction is currently scheduled for July 2nd, unless firm sales are achieved prior to this event.

Chris also filed a report that Phasor Solutions, a designer of special flat-panel satellite antennas, has entered bankruptcy.

Phasor is Virginia and London-based and is a specialist supplier of flat electronically steered antennas for use on aircraft, maritime, trains and military vehicles. Phasor In. owns the UK business. The CEO is David Helfgott, formerly of Inmarsat, SES and Cobham.

A UK administrator was appointed on April 24th. A formal charge (debenture) was placed on the business on March 6 by Glas Trust Corp Ltd. as the security trustee. The charge covers patents, trademarks, designs, etc., and has Power of Attorney over the business. It is being reported that the company’s assets will shortly be put up for sale.

A statement from Mr. Helfgott reads, "Phasor was at a very late stage of completing an investment round with a large corporate/strategic investor. The COVID19 pandemic and its effects on global capital markets put the process on hold. Phasor was in the process of reorganizing its operations and finances, but creditors initiated UK administration of its UK subsidiary. Duff & Phelps, as administrator, is conducting an ongoing sale process of the UK subsidiary company."