Adam Neumann is in talks with Wall Street banks to renegotiate the terms of a $500m credit line secured against WeWork shares before the company filed to go public. Neumann has drawn down $380m from the loan, which he was planning to repay once the company listed. In the absence of a public offering, Neumann and his lenders have had to consider other options, the person said. The deal would have given WeWork, based in San Francisco, access to more than $1bn worth of funding that it needs for its expansion.
Adam Neumann is in talks with Wall Street banks to renegotiate the terms of a $500m credit line secured against WeWork shares before the company filed to go public. Neumann has drawn down $380m from the loan, which he was planning to repay once the company listed. The deal would have given WeWork, based in San Francisco, access to more than $1bn worth of funding that it needs for its expansion.