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SoftBank-backed Katerra files for bankruptcy protection

US construction startup raised more than $1bn from Vision Fund

SoftBank-backed Katerra vowed to "redefine the construction industry." (Source photo from Katerra's website)

TOKYO -- U.S. construction startup Katerra has filed for Chapter 11 bankruptcy protection in a setback for Japan's SoftBank Group, which invested more than $1 billion in the company.

Katerra filed for relief in the U.S. Bankruptcy Court for the Southern District of Texas. It estimated liabilities of $1 billion to $10 billion, and assets of $500 million to $1 billion.

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