- May 30, 2013
- Reaction score
Anyway, I feel better after reading this. Remember this company was supposed to be worth up to $60 billion (!) just, what, like a month ago? It is now, essentially, insolvent -- as the SoftBank financing would be a Debtor In Possession loan.
SoftBank has prepared a financing package that would give it control of WeWork and further sideline its founder Adam Neumann in exchange for relieving the shared-office startup’s looming cash crunch, according to people familiar with the matter.