SoftBank's $9.5 billion bailout of WeWork hits a hurdle as Japanese banks are worried about funding it
SoftBank's $9.5 billion bailout of WeWork hits a hurdle as Japanese banks are worried about funding itSoftBank's $9.5 billion bailout of WeWork has hit a hurdle.
The Japanese tech conglomerate wants to partly finance the rescue deal by borrowing $3 billion from Japan's three biggest banks, but the trio have reached their internal lending limits to the company,Mizuho, Mitsubishi UFJ, and Sumitomo Mitsui are exploring ways to make the loans while mitigating their exposure, including the use of SoftBank's 26% stake in Alibaba as collateral, two sources told Reuters.SoftBank's $9.5 billion bailout of WeWork has hit a hurdle.
"SoftBank is an important client so we want to do everything we can to help, but we have to consider our credit risk," one senior bank executive told Reuters. If the trio of banks lend the full $3 billion to SoftBank, their total loans to the firm and its $100 billion Vision Fund would exceed $15 billion,One executive told The Japan Times last month that his bank wanted to see a compelling turnaround plan for WeWork before it opens its wallet to SoftBank again. A rival said his bank was being cautious and had grown skeptical of SoftBank CEO Masayoshi Son's big bets on high-valued startups.from Goldman Sachs, Reuters reported.
WeWork's rescue package — which includes $5 billion of debt financing, the acceleration of a previously agreed $1.5 billion equity investment, and a $3 billion tender offer — isn't in immediate danger, given SoftBank had
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