WeWork is seeking a $1bn 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 12,500 employees laid off, according to Business Insider. In an interview with Bloomberg on Thursday, CEO Brian Chesky said that he was “very confident” about securing funding for his company. JPMorgan, however, is reluctant to begin serious negotiations before WeWork strikes a new deal with SoftBank, one source told the news outlet. SoftBank wants to renegotiate a $1.5 billion warrant deal, which was agreed in January based on WeWork being valued at around $47 billion, before providing the additional $1 billion, one of the sources said.
WeWork is seeking a $1bn 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 12,500 employees laid off, according to Business Insider. In an interview with Bloomberg on Thursday, CEO Brian Chesky said that he was “very confident” about securing funding for his company. SoftBank wants to renegotiate a $1.5 billion warrant deal, which was agreed in January based on WeWork being valued at around $47 billion, before providing the additional $1 billion, one of the sources said.