WeWork Inc founder Adam Neumann is making a renewed effort to repurchase the company as it looks to secure several hundred million dollars to exit bankruptcy and avoid being sold, according to a report by FT on Thursday. The company, which provides shared office spaces, is in urgent need of up to $400 million in new funding to successfully come out of its financial struggles, as per FT, who quoted two individuals in the know.
Alex Spiro, representing Neumann’s real estate enterprise Flow, informed FT that his client, along with its financial allies, is ready to outbid any other offers that WeWork has received by 10%. Last month, Reuters revealed, citing an informed source, that Neumann had placed a bid exceeding $500 million to regain control of WeWork.
WeWork has yet to officially comment on the matter following a request from Reuters. Earlier this month, the SoftBank-supported firm announced plans to come out of Chapter 11 bankruptcy proceedings in the U.S. and Canada by May 31. It also stated that it had managed to negotiate a reduction of more than $8 billion, which represents over 40% of its rent obligations, with landlords.
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