SoftBank seeks control of WeWork through financing package: WSJ

NEW YORK - SoftBank Group Corp has prepared a financing package for WeWork Companies Inc that would give it control over the shared office space company, the Wall Street Journal reported.

Reuters previously reported that SoftBank was in negotiations to make a US$1 billion investment to enable WeWork to go through a major restructuring. WeWork lost US$1.9 billion in 2018 and burned through US$2.36 billion in cash in the first half of this year, and it could run out of money in the second quarter of 2020 at its current burn rate, according to an analysis last week by securities house Sanford C Bernstein & Co.

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