• Wed. Jun 12th, 2024

Former WeWork CEO Adam Neumann seeks to repurchase the coworking company for 500 million euros.

Byeditor

Mar 27, 2024

Adam Neumann, the former CEO and co-founder of WeWork, the office and coworking space rental platform that filed for bankruptcy in November, has reportedly submitted a conditional purchase offer of between 500 and 600 million dollars for the company. According to The Wall Street Journal, Neumann has assembled a group of financial partners to present the potential offer. It is noted that these financial partners do not include Third Point fund or the Baupost Group, which were previously suggested as possible allies for Neumann in regaining control of WeWork.

Neumann left his position at WeWork in 2019 after losing the trust of Softbank, its main investor, and following a failed IPO. The pandemic in 2020 further exacerbated the company’s challenges due to its focus on renting office space. Despite these setbacks, WeWork is focused on emerging from bankruptcy protection in the second quarter as a financially sound and profitable company.

WeWork was once valued at around $47 billion. In November 2023, the company founded in 2010 by Adam Neumann and Miguel McKelvey filed for Chapter 11 bankruptcy protection with a debt of 18,656 million dollars and assets worth 15,063 million dollars. The company assured that it continues to receive interest from third parties regularly and is working towards a successful financial recovery.

By editor

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