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.

“During the period of the business succession process, we expect no changes to service levels or contract terms for current WeWork Japan members ... and services will continue to be provided as before,” WeWork Japan said in a statement Thursday.

SoftBank and WeWork Japan will “collaborate on ... initiatives for smart buildings and smart offices to generate synergies and achieve future business growth,” the statement said.

Completion of the business transfer is expected in April. The amount of WeWork Japan’s debt has not been publicly disclosed.

“There are no plans to close any locations due to this reorganization,” a spokesperson for SoftBank said Friday. “SoftBank will continue to fully support the provision of WeWork Japan’s services and its management team.”

SoftBank was already a major WeWork shareholder, and CEO Masayoshi Son is a longtime investor in the business, sticking with the company throughout its many ups and downs. While WeWork was losing money in 2019, Son still spoke enthusiastically about the coworking company’s future prospects, saying he wanted to invest more in the company, despite skepticism on the part of other investors.

“Some of my investors say ‘Masa, you get too excited and too much concentration into one company, don’t go too far,’” he said during an interview with CNBC.

WeWork was founded in 2010 by colorful entrepreneur Adam Neumann with the mission of transforming coworking culture. But a variety of internal challenges came to the fore as it geared up for an initial public offering, including concerns about Neumann’s management, which eventually saw him ousted as CEO. The company scrapped its IPO plans at the time, later going public in 2021.

More recently, a shift toward working from home due to the pandemic hit WeWork hard because of its high rental costs.

WeWork has offices in some 631 locations in 119 cities around the world. WeWork Japan opened its first space in Tokyo in February 2018, and has around 40 locations in the country.