As of July 31, he had drawn $380 million of the principal amount available, the filings show. Problems surrounding the We Company ’s IPO have raised concerns among the banks that provided Neumann co-founder and CEO Adam Neumann with a $ $380m m credit line. Bankers are worried that shares Neumann pledged for the loan have decreased in value and may not adequately cover the potential risk, according to WeWork , citing people briefed on the discussions. Regulatory filings show that as of 31 July , Adam Neumann had drawn down 500 from a $500 m credit line extended by JPMorgan , UBS and Credit Suisse that was secured by some of his shares in WeWork . It is not clear what changes the banks may seek, or what right they may have, although the filing shows that the lenders have the ability to make a margin call if the stock declines below a certain level. The credit facility is due to mature next September .
Problems surrounding the We Company ’s IPO have raised concerns among the banks that provided Neumann co-founder and CEO Adam Neumann with a $ $380m m credit line. Bankers are worried that shares Neumann pledged for the loan have decreased in value and may not adequately cover the potential risk, according to WeWork , citing people briefed on the discussions. Regulatory filings show that as of 31 July , Adam Neumann had drawn down 500 from a $500 m credit line extended by JPMorgan , UBS and Credit Suisse that was secured by some of his shares in WeWork . It is not clear what changes the banks may seek, or what right they may have, although the filing shows that the lenders have the ability to make a margin call if the stock declines below a certain level. The credit facility is due to mature next September .