SoftBank swoops in to rescue WeWork Japan

SoftBank has announced it will take full ownership of WeWork Japan, shouldering the company’s business-related debts.

The development comes just four months after the troubled coworking business — once valued at $47 billion — filed for bankruptcy in the U.S.

WeWork Japan has filed a petition for civil rehabilitation at the Tokyo District Court and received approval, enabling Softbank to absorb the group entirely through a newly established subsidiary, SoftBank said in a media release Thursday.