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The We Company has formed a special board committee to weigh out proposals for a $5 billion financing package from SoftBank and JPMorgan Chase & Co.
WeWork is in a scurry to raise new capital after sources revealed the company could run out of money as soon as November following its failure to go public last month.
Currently, SoftBank owns about a third of WeWork and a new equity investment would likely give it control. Sources said that the Japanese conglomerate has suggested a $5 billion investment, as well as a renegotiation of its previous commitment for a $1.5 billion investment in the form of warrants.
The committee will consist of two We Company board directors that represent the interests of all investors within the company.
The committee members are Bruce Dunlevie, a partner at WeWork shareholder Benchmark Capital, and Lew Frankfort, former CEO of handbag maker Coach.
SoftBank will not have a representative as it is currently represented on We Company’s board by its President Ron Fisher.
Former CEO and WeWork co-founder Adam Neumann does not have a seat on the committee either.
