WeWork sues SoftBank for scrapping its $3 billion rescue deal

WeWork sues SoftBank for scrapping its $3 billion rescue deal


It’s really happening: WeWork is suing its biggest investor for going back on a $3 billion plan to rescue the company from financial ruin. The embattled co-working space start-up has alleged that Japanese mega-conglomerate SoftBank breached its fiduciary and contractual responsibility to WeWork‘s minority shareholders when it withdrew its tender offer last week. [Read: WeWork can be salvaged — but its turnaround plan isn’t enough] The offer, which was signed back in December, also included $1.1 billion in debt financing for the loss-making WeWork — money the firm desperately needs if it’s going to survive much longer. Hard Fork previously reported that…

This story continues at The Next Web
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