The collaboration space giant WeWork reportedly needs to raise money by "no later than the end of November" to stay afloat, much earlier than the first estimates suggested that the company had another six months to operate at today's expense rates.
According to The Financial Times two people familiar with the situation confirm that the company is rushing a debt financing package together with JPMorgan Chase, who was involved in the company's failed IPO. Bloomberg reports that the debt package is currently $ 5 billion and will be used entirely to save the company.
In recent months, WeWork has sought to withdraw its public offer following the firing of its co-founder and CEO Adam Neumann, as well as reporting on the initial financial situation. Neumann had previously been reported to have mixed the business economy with his personal money, and that Softbank, its largest investors, determined factors in his shooting.
SoftBank CEO Masayoshi Son has since stated that he is "embarrassed" by the company's more investment information, citing WeWork as one of them.
In other technological news, Selfridge's annual report at the turn of the year was able to provide additional information about the department store's struggle during the retail apocalypse.
WeWork could run out of money next month: report https://t.co/QeIAGdERxL pic.twitter.com/leyvl6c2wf
̵1; Gizmodo (@Gizmodo) October 11 2019