Relevant:
- SoftBank seeks to avoid WeWork's liabilities with new investment: sources
- WeWork Wins $4.4 Billion SoftBank Investment for Expansion (GREATER FOOL?)
- For SoftBank, no majority stake in WeWork as it scales down talks from a new $16 billion investment to $2 billion
- WeWork documents reveal it owes $18 billion in rent and is burning through cash as it seeks more funding
- SoftBank's Biggest Backers Balk at Planned $16 Billion Acquisition of WeWork
2019-10-29 — bloomberg.com
SoftBank Group Corp.'s $9.5 billion bailout has rescued WeWork from the threat of bankruptcy. But make no mistake: The unicorn's free-spending days are over. Its savior is far from a bottomless pit of money.
While WeWork had an eye-watering $22 billion of debt at the end of June plus $47 billion of looming lease-payment obligations, its rescuer isn't in such great shape either. SoftBank is a junk-rated issuer, with the equivalent of $62 billion in net debt. From now on, founder Masayoshi Son will have to manage his cash pile carefully.
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