Yes but sometimes even for companies in their position they say enough is enough to the losses and choose to let them go into administration instead. I'd say its unlikely SoftBank will choose this but it is an option for them.
They can kinda do something half way in that direction just by waiting. The lower WeWork's cash on hand gets, the harder of a position Neumann is in. Of course, it's not clear if it's a credible bluff since Softbank isn't in a great position either.