WeWork opens public office space in sukkah in Jerusalem, September 25, 2018 (Yuval Nitzan)/jpost
Adam Neuman, the Israeli founder of the co-working space company WeWork, is exploring the possibility of purchasing the company after it filed for liquidation last November, according to a letter sent to WeWork's lawyers and reported by Bloomberg.
Neumann, along with capital partners including Dan Loeb's Third Point hedge fund, have been trying for about two months to get information from WeWork needed to formulate an offer, according to the letter.
In the event that an offer is submitted and accepted, the WeWork assets can be transferred to the new company founded by Neumann, Flow, which has so far raised about 350 million dollars.
This update from Neumann comes after a lawyer for the co-working space provider said that WeWork may be forced to take out a new loan to compensate for slower-than-expected progress in rent negotiations for the various spaces it owns.
Neumann.
Founded the company in 2010/GettyImages
The Cooperative Spaces Company, founded by the Israeli in 2010, has accumulated billions of dollars in debt.
Last November, she filed for bankruptcy protection with the New Jersey court.
A week before, the company announced that it would not meet its obligations to the bondholders that were destined for repayment.
Neumann said in November that "as a co-founder of a company that he dedicated a decade of his life to building along with an amazing team, the expected bankruptcy of the company disappoints me. It has been difficult for me to watch from the sidelines since 2019 how WeWork has struggled to promote its product - which has become more relevant today than ever. With the right team and with The right strategy, I believe restructuring will allow WeWork to succeed."
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Adam Neumann
Wework
Shared workspaces
Bankruptcy