WeWork (WE) is talking with a group of banks led by JPMorgan Chase about $5B in financing, Bloomberg says, amid reports that the company could run out of cash as soon as a month from now.
A debt package could come together as soon as next week, according to the report.
The Financial Times reported that the
company would need new funding by the end of November. Aside from the
JPMorgan-led talks, SoftBank is in discussions to raise its part of a
funding package to $2.5B, bringing its total investment to $11.5B.
That news has led WeWork bonds to bounce off
record lows, with 7.875% notes due 2025 rising to 83.5 cents on the
dollar today. Those bonds were down to 81.25 cents yesterday.
https://seekingalpha.com/news/3505312-wework-discussing-urgent-5b-financing-package-bloomberg
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