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SoftBank’s talks in securing $3 billion from three of Japan’s biggest banks have halted due to lenders reaching lending limits to the firm.
This makes the conglomerate’s $9.5 billion rescue package for WeWork that much more complicated and will likely force them to enter the new year with no financing in place for the struggling coworking firm.
The banks, Mizuho Financial Group Inc, Mitsubishi UFJ Financial Group Inc (MUFG) and Sumitomo Mitsui Financial Group Inc (SMFG), are reportedly trying to find ways to provide financing while eliminating exposure.
“SoftBank is an important client so we want to do everything we can to help, but we have to consider our credit risk,” said a senior banker.
SoftBank announced it would launch the bailout deal for WeWork after the coworking company backed out of its IPO earlier this year due to investor concerns about its corporate governance and former CEO Adam Neumann’s questionable practices.
