SoftBank Group, the multi-billion dollar Japanese technology conglomerate and investment firm, has put together a bid that would save WeWork parent company We Co., just weeks before the co-working real estate company’s imminent collapse, The Wall Street Journal reports.
With the collapse of the company’s planned initial public offering, We Co. is facing a cash crunch. The company was planning to raise billions of dollars in debt on the heels of its public offering to finance its continued operations.
The botched public offering already cost We Co. co-founder Adam Neumann his leadership position at the co-working rental business he co-founded roughly a decade ago. The new financing pitch that SoftBank has put together would further remove Neumann from the company’s operations and business, according to the WSJ’s reporting.
SoftBank’s pitch isn’t the only lifeline for We Co. According to the WSJ’s reporting there’s a plan in the works to raise billions of debt through a process being managed by JPMorgan Chase & Co.
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