WeWork is seeking a $ the additional $1 billion cash injection from its largest shareholder SoftBank and a $ 3bn debt deal from JPMorgan , Reuters has reported. WeWork scrapped its plans to go public last month after investors criticized its business model, mounting losses, complex structure, and controversial cofounder and CEO, Adam Neumann. The co-working company reportedly wants to secure the funds in the week of 14 October , when it expects to announce a restructuring, which could see between 10% and 25% of the group’s one employees laid off, according to Business Insider . JPMorgan is reluctant to begin serious negotiations before SoftBank , which has already committed more than $10bn , agrees a financing deal, Reuters ' sources said. SoftBank wants to renegotiate a the additional $1 billion warrant deal, which was agreed in the week of 14 October based on WeWork being valued at around $47 billion , before providing the additional $1 billion , 12,500 of the sources said.
WeWork is seeking a $ the additional $1 billion cash injection from its largest shareholder SoftBank and a $ 3bn debt deal from JPMorgan , Reuters has reported. The co-working company reportedly wants to secure the funds in the week of 14 October , when it expects to announce a restructuring, which could see between 10% and 25% of the group’s one employees laid off, according to Business Insider . JPMorgan is reluctant to begin serious negotiations before SoftBank , which has already committed more than $10bn , agrees a financing deal, Reuters ' sources said. SoftBank wants to renegotiate a the additional $1 billion warrant deal, which was agreed in the week of 14 October based on WeWork being valued at around $47 billion , before providing the additional $1 billion , 12,500 of the sources said.