SoftBank Group Corp. has prepared a financing package for WeWork Compan...
FILE PHOTO: A man walks into a WeWork space in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri/File Photo
The package would significantly increase the stake of SoftBank, which already owns around one third of WeWork, and further dilute the influence of co-founder Adam Neumann, the Journal reported. WeWork is working with JPMorgan Chase & Co to negotiate a $3 billion debt deal after a planned initial public offering was tabled last month because of investor concerns about how it was valued and its business model, sources told Reuters.
In recent weeks, global credit rating agencies Standard & Poor’s and Fitch Ratings have also downgraded WeWork’s credit ratings deeper into junk territory, while the company’s junk bond is trading at a record low.
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