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Adam Neumann moves to buy back WeWork as it seeks funds to exit bankruptcy, FT reports
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Adam Neumann moves to buy back WeWork as it seeks funds to exit bankruptcy, FT reports
Apr 17, 2024 10:06 PM

April 18 (Reuters) - WeWork Inc ( WEWOQ ) founder Adam

Neumann has made a fresh push to buy back the firm even as it

seeks hundreds of millions of dollars to emerge from bankruptcy

and avoid a sale, FT reported on Thursday.

The shared office space provider was running short of

cash and needed as much as $400 million in fresh funding to have

a chance of emerging viably, FT said, citing two people familiar

with the matter.

Alex Spiro, an attorney for Neumann's real estate firm

Flow told FT that the company and its financial partners were

prepared to beat any other offer that WeWork ( WEWOQ ) has received by

10%.

Adam Neumann had submitted a bid of more than $500 million

to buy back WeWork ( WEWOQ ), Reuters reported last month citing a person

familiar with the matter.

WeWork ( WEWOQ ) did not immediately respond to a Reuters request

for comment.

The SoftBank-backed company said earlier this month that

it aims to emerge from Chapter 11 bankruptcy in the U.S. and

Canada by May 31 and had negotiated more than $8 billion, or

over 40%, reduction in rent commitments from landlords.

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