SoftBank's $3 billion WeWork financing talks stall with Japan banks by SamNusseyRTRS, Takashi Umekawa and Takaya Yamaguchi
TOKYO - SoftBank Group Corp’s talks to secure $3 billion from Japan’s three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5 billion rescue package for WeWork.
Mizuho Financial Group Inc, Mitsubishi UFJ Financial Group Inc and Sumitomo Mitsui Financial Group Inc are seeking ways to provide the financing while offsetting exposure, the people said, declining to be identified because the information is not public.One option is to use some of SoftBank’s 26% stake in Chinese e-commerce major Alibaba Group Holding Ltd as collateral, the people said.
But SoftBank’s growing debt and turmoil at major bet WeWork earlier this year also highlight the firm’s higher risk profile. Son has said he turned a blind eye to Neumann’s management, but that the company is still a solid business.
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