Adam Neumann, the founder of WeWork (WEWKQ.PK), is attempting to repurchase the flexible workspace provider after it declared bankruptcy in November, according to a CNBC story published on Tuesday that referenced DealBook.
According to DealBook, Neumann’s new real estate venture, Flow Global, has made an attempt to purchase WeWork or its assets and offer bankruptcy financing to keep it going.
Regarding the report, WeWork declined to comment. Flow Global did not reply to a Reuters request for comment right away.
The announcement was made the day after a WeWork attorney said that the business could have to take out a new bankruptcy loan to make up for the less rapid than anticipated progress in rent discussions.
WeWork became the most valuable U.S. startup under Neumann, valued at $47 billion. However, his obsessive drive for personal development at the price of financial gain and disclosures on his bizarre conduct resulted in his termination and the collapse of an IPO in 2019.
The SoftBank-backed company suffered losses on its long-term lease obligations as the demand for office space fell and more individuals started working from home during the pandemic.
Neumann made a statement not long before WeWork declared bankruptcy, saying, “I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully.”
