Adam Neumann is trying to buy bankrupt WeWork, DealBook reports

Billionaire Adam Neumann is trying to buy again bankrupt real-estate firm WeWork, which he based in 2010 and was ousted from in 2019, DealBook reported Tuesday.

Neumann, his startup Flow and Dan Loeb’s Third Point fund have “constantly expressed” a “honest curiosity” since December 2023 to buy WeWork and its leases out of chapter or present debtor-in-possession, or DIP, financing, according to a letter obtained by Dealbook from Neumann’s counsel, Alex Spiro.

Those efforts have stretched even additional again than December, in accordance to the letter. Neumann had tried to organize financing of up to $1 billion in October 2022 however was rebuffed by former CEO Sandeep Mathrani.

WeWork advisors resisted Neumann’s efforts however ultimately advised that Neumann present DIP financing as a substitute of a time period sheet, in accordance to the letter. It was not instantly clear from the letter if WeWork and Neumann’s group had signed an NDA, though the letter says that the 2 sides had been exchanging mark-ups on one.

WeWork filed for bankruptcy in November 2023 after years of economic struggles. Neumann stepped down in 2019 as the corporate confronted mounting investor considerations over its company governance and valuation.

Third Point, Neumann and Spiro didn’t instantly reply to CNBC’s request for remark.

Read extra on DealBook.

Source link

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *