‘We were sold off’: WeWork’s staff face uncertain future as company collapses

Re:‘We were sold off’: WeWork’s staff face uncertain future ... by rollerboi on Friday November 22, 2019 @02:06PM (#21608829)

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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Re:‘We were sold off’: WeWork’s staff face uncertain future ... by chewz on Friday November 22, 2019 @02:15PM (#21608953)

MUFG 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-bb52-34c8d9dc6...

[2] https://www.bloomberg.com/news/articles/2019-11-21/softbank-...

[3] https://therealdeal.com/2019/11/22/softbank-wants-to-reduce-...

[4] https://www.bloomberg.com/news/articles/2019-11-21/softbank-...

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Re:‘We were sold off’: WeWork’s staff face uncertain future ... by rollerboi on Friday November 22, 2019 @02:17PM (#21608976)

Ah, 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.

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Re:‘We were sold off’: WeWork’s staff face uncertain future ... by dredmorbius on Friday November 22, 2019 @04:49PM (#21610477)

What dominoes might Softbank topple?

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