April 23 (Reuters) - WeWork ( WEWOQ ) founder Adam Neumann has

asked a U.S. bankruptcy judge to help his bid to re-acquire the

coworking business, saying Monday that WeWork's ( WEWOQ ) management

should engage in talks or be forced to cede control of the

company's restructuring.

Neumann's new real estate company, Flow Global, has sought

to buy WeWork ( WEWOQ ) out of bankruptcy, recently offering over $500

million. But Neumann said in a late Monday court filing that

WeWork ( WEWOQ ) has refused to engage, instead seeking to use its

bankruptcy court case to "rubber-stamp" a deal that would turn

over control of the company to "hand-picked buyers."

Neumann asked U.S. Bankruptcy Judge John Sherwood to

consider ordering WeWork's ( WEWOQ ) management to provide due diligence

information to Flow Group as a condition to remaining in control

of the company. WeWork's ( WEWOQ ) "inexplicable" refusal to engage with

Flow is "fundamentally at odds with its obligation to maximize

value" under U.S. bankruptcy law, Neumann wrote.

WeWork ( WEWOQ ) said Tuesday that it remained open to discussions

with outside buyers. It did not respond to questions about

Neumann's bid.

WeWork ( WEWOQ ) entered bankruptcy in November 2023 with a

restructuring support agreement with its equity backer Softbank

and its lenders, who agreed to wipe out $3 billion in debt in

exchange for an equity stake in the business.

WeWork ( WEWOQ ) attorney Ciara Foster said in a Tuesday court

hearing that no bidder had offered a better deal than that $3

billion debt restructuring.

"We do not have an actual path to a sale here," Foster told

Sherwood at a hearing in Newark, New Jersey.

Neumann and Flow did not immediately respond to a request

for comment about how their proposed buyout would gain the

support of WeWork's ( WEWOQ ) lenders.

WeWork's ( WEWOQ ) junior creditors, including a court-appointed

creditors committee and a group of bondholders including Antara

Capital, have argued that the company is rushing to get that

restructuring approved in court before the deal is even

finalized between WeWork ( WEWOQ ) and its senior lenders.

WeWork ( WEWOQ ) has addressed some of those concerns in recent court

filings, providing more details on its go-forward business plans

and saying that it will save $8 billion in future rent costs

after negotiations with hundreds of landlords. WeWork's ( WEWOQ ) recent

filings include a new valuation estimate that says the company

is worth roughly $750 million.

WeWork ( WEWOQ ), once valued at $47 billion, expanded at breakneck

speed but racked up steep losses before filing for bankruptcy

protection.

The company struggled to achieve profitability as a rise in

work-from-home trends following the pandemic soured demand for

its shared office spaces.

In re Wework Inc ( WEWOQ ), U.S. Bankruptcy Court for the District of

New Jersey, No. 23-19865.

For WeWork ( WEWOQ ): Ciara Foster and Steven Serajeddini of Kirkland

& Ellis

For Neumann and Flow: Alex Spiro and Susheel Kirpalani of

Quinn Emanuel

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