[bctt tweet=”SoftBank, WeWork’s largest shareholder, and JPMorgan Chase are looking to team up to build a financing package that could save the coworking firm.” username=”allwork_space”]
WeWork is expected to run out of money by mid-November if it does not receive more funding. The two companies have been working to find a resolution to WeWork’s crisis since the shared office operator canceled its IPO weeks ago. One solution would involve equity from SoftBank and debt from JPMorgan.
To secure emergency funding, JPMorgan has talked to 100 investors who have signed non-disclosure agreements to possibly participate.
Earlier this week, it was reported that WeWork would likely opt for a $5 billion financing package led by JPMorgan, rather than selling a controlling stake to SoftBank.
This news follows WeWork’s disastrous attempt to go public, which was formally postponed after the firm’s prospectus revealed $900 million loss over six months. Along with its financials, concerns over the company’s corporate governance were raised and eventually led to the resignation of co-founder Adam Neumann as CEO.