Adam Neumann Tries to Buy Back WeWork -- 2nd Update

Dow Jones02-07

By Akiko Matsuda

Adam Neumann, the ousted chief executive of WeWork, is trying to regain control of the bankrupt co-working space provider.

Neumann's new real-estate company, Flow Global, is working with Dan Loeb's hedge fund, Third Point, on financing to buy WeWork, according to a letter his lawyers sent to the flexible-workspace company's advisers Monday.

Neumann approached WeWork in December to obtain necessary information to make an offer to purchase the company or its assets, and later offered to provide a bankruptcy financing loan, but he still doesn't have access to that information, according to the letter reviewed by The Wall Street Journal.

WeWork declined to comment on Neumann's bid, which was earlier reported by the New York Times' DealBook.

Third Point didn't immediately respond to a request for comment.

WeWork filed for bankruptcy in November, a remarkable collapse for a company that had at one point been valued at $47 billion.

WeWork lawyers indicated the company's need for more liquidity to get through the bankruptcy proceedings during a court hearing Monday. The letter said the current financial crunch was caused by the management's lack of ability to "explore alternatives" for financial support.

Write to Akiko Matsuda at akiko.matsuda@wsj.com

(END) Dow Jones Newswires

February 06, 2024 11:11 ET (16:11 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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