WeWork Founder aims to repurchase company
Real Estate

WeWork Founder aims to repurchase company

WeWork founder Adam Neumann is attempting to repurchase the flexible workspace provider, which filed for bankruptcy in November.

Neumann's new real estate company, Flow Global, has expressed interest in acquiring WeWork or its assets, and has also proposed providing bankruptcy financing to support its revival, the sources disclosed.

The development was first reported by DealBook, which stated that, Neumann's lawyers sent a letter to WeWork, asserting that Daniel Loeb's hedge fund, Third Point, would assist in financing the transaction.

Third Point informed Reuters that it had engaged in "only preliminary conversations" with Neumann and Flow Global, clarifying that no financial commitments had been made.

When contacted by Reuters, Flow Global did not immediately respond to the request for comment.

WeWork, in response, mentioned that it routinely receives "expressions of interest" and evaluates them in alignment with the company's best interests.

The company stated, "We continue to believe that the work we are currently doing - addressing our unsustainable rent expenses and restructuring our business - will ensure WeWork is best positioned as an independent, valuable, financially strong, and sustainable company long into the future."

banner1

WeWork founder Adam Neumann is attempting to repurchase the flexible workspace provider, which filed for bankruptcy in November. Neumann's new real estate company, Flow Global, has expressed interest in acquiring WeWork or its assets, and has also proposed providing bankruptcy financing to support its revival, the sources disclosed. The development was first reported by DealBook, which stated that, Neumann's lawyers sent a letter to WeWork, asserting that Daniel Loeb's hedge fund, Third Point, would assist in financing the transaction. Third Point informed Reuters that it had engaged in only preliminary conversations with Neumann and Flow Global, clarifying that no financial commitments had been made. When contacted by Reuters, Flow Global did not immediately respond to the request for comment. WeWork, in response, mentioned that it routinely receives expressions of interest and evaluates them in alignment with the company's best interests. The company stated, We continue to believe that the work we are currently doing - addressing our unsustainable rent expenses and restructuring our business - will ensure WeWork is best positioned as an independent, valuable, financially strong, and sustainable company long into the future.

Related Stories

Gold Stories

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram