SoftBank Group Corp. is plowing $1.1 billion into WeWork to help it weather the coronavirus pandemic, according to a staff memo obtained by Bloomberg News.

The new financing, “another sign of SoftBank’s continued support for our business,” boosts the New York-based company’s available cash and unfunded cash commitments to $4.1 billion, according to Chief Financial Officer Kimberly Ross’s memo, the contents of which were confirmed by a spokeswoman. The investment is in the form of senior secured notes.

“Covid-19 has had an impact on our business,” Ross wrote. While WeWork’s second-quarter revenue rose 9% to $882 million from a year earlier, that marked a decline from its $1.1 billion haul in this year’s first three months. The company’s membership base fell 12% to 612,000 in the second quarter from that prior period.

One bright spot: “We’ve seen renewed demand from leading enterprise companies as they look for flexibility on a global scale,” Ross wrote. The proportion of enterprise members was 48% in the second quarter, a slight increase from the first.

The company has been focused on whittling costs after its initial public offering was shelved last year. Its cash burn -- or free cash outflow -- was $671 million in the quarter, due to $116 million in non-recurring restructuring expenses which included severance linked to layoffs. Still, the cash burn was less than the $1.3 billion in WeWork’s peak outflow in the fourth quarter of 2019, Ross noted.

The firm recently exited leases for would-be locations in Baltimore’s Harbor Point and at 149 Madison Avenue in Manhattan. It currently has 843 locations in 150 cities across 38 countries.

The new investment from SoftBank comes after its roughly $100 billion Vision Fund recorded billions in losses after writing down WeWork’s valuation to $2.9 billion, down more than 90% from its $47 billion peak. SoftBank has invested more than $10 billion in WeWork.

Last month, We Co., the parent of WeWork, asked a judge to dismiss a lawsuit brought by two of its board members against SoftBank for reneging on a $3 billion offer to buy the co-working company’s closely held shares that was tied to additional debt financing.

WeWork’s $669 million of 7.875% senior unsecured notes due May 2025 last traded on Aug. 5 at 70 cents on the dollar, according to Trace data.