Adam Neumann makes bid to repurchase WeWork

Adam Neumann, the founder of WeWork Inc, has launched a fresh attempt to repurchase the company, even as it endeavors to secure hundreds of millions of dollars to exit bankruptcy and circumvent a potential sale, as per reported in FT Thursday, .

The shared office space provider is facing a cash crunch and requires up to $400 million in additional funding to achieve a viable emergence from bankruptcy, as per FT’s sources familiar with the situation.

Alex Spiro, representing Neumann’s real estate firm Flow, informed FT that the company, along with its financial partners, is prepared to outbid any other offers received by WeWork by 10%.

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Last month, Reuters reported, based on information from a knowledgeable source, that Adam Neumann had put forth a bid exceeding $500 million to repurchase WeWork.

WeWork did not immediately respond to a Reuters request for comment.

The SoftBank-backed company said earlier this month that it aims to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31 and had negotiated more than $8 billion, or over 40%, reduction in rent commitments from landlords.

With inputs from Reuters