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I don't have the sources for this atm, but I heard last night that SoftBank doesn't actually have the $9.5B it needs in funding to secure its controlling stake
by rollerboi 7y ago
I don't have the sources for this atm, but I heard last night that SoftBank doesn't actually have the $9.5B it needs in funding to secure its controlling stake in WeWork. Which means the guy hasn't gotten his $1.7B yet.
So Softbank needs funding to buy out the controlling stake in WeWork. They're reaching out to Japan's largest bank, Mitsubishi UFJ, for that $9.5B. As of last night, MUFJ refused to lend money to Softbank if they intend on using it as a rescue package for WeWork.
Now Softbank is in a conundrum. This morning, I read that they're trying to figure out a way to slash Neuman's golden parachute from that $1.7B figure.
Schadenfreude is sweet sometimes.
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- chewz 7y agoMUFG likely to turn down SoftBank loan over WeWork[1] SoftBank Seeks $2.8 Billion in Financing From Japan Banks[2] SoftBank wants to reduce WeWork rescue package[3] SoftBank Execs Discuss Trimming WeWork Offer and Adam Neumann Payout [4] [1] https://www.ft.com/content/d69e84c0-0c1b-11ea-bb52-34c8d9dc6d84 https://www.ft.com/content/d69e84c0-0c1b-11ea-bb52-34c8d9dc6... [2] https://www.bloomberg.com/news/articles/2019-11-21/softbank-said-to-seek-2-8-billion-in-financing-from-japan-banks https://www.bloomberg.com/news/articles/2019-11-21/softbank-... [3] https://therealdeal.com/2019/11/22/softbank-wants-to-reduce-wework-rescue-package/ https://therealdeal.com/2019/11/22/softbank-wants-to-reduce-... [4] https://www.bloomberg.com/news/articles/2019-11-21/softbank-execs-discuss-trimming-wework-offer-and-neumann-payout https://www.bloomberg.com/news/articles/2019-11-21/softbank-...
- rollerboi 7y agoAh, thank you. So it seems that the $9.5b is a total figure, and they're just short the $2.8B they need from MUFJ.
- dredmorbius 7y agoWhat dominoes might Softbank topple?