Adam Neumann, Founder and former CEO of WeWork.
Eduardo Munoz | Reuters
Billionaire Adam Neumann is attempting to get back again bankrupt true-estate organization WeWork, which he launched in 2010 and was ousted from in 2019, DealBook noted Tuesday.
Neumann, his startup Stream and Dan Loeb’s Third Position fund have “regularly expressed” a “honest curiosity” considering the fact that December 2023 to purchase WeWork and its leases out of personal bankruptcy or deliver debtor-in-possession, or DIP, financing, according to a letter acquired by Dealbook from Neumann’s counsel, Alex Spiro.
All those efforts have stretched even further again than December, according to the letter. Neumann had tried using to set up financing of up to $1 billion in October 2022 but was rebuffed by former CEO Sandeep Mathrani.
WeWork advisors resisted Neumann’s attempts but inevitably recommended that Neumann offer DIP financing in its place of a expression sheet, according to the letter. It was not immediately apparent from the letter if WeWork and Neumann’s group experienced signed an NDA, even though the letter says that the two sides experienced been exchanging mark-ups on one particular.
WeWork filed for personal bankruptcy in November 2023 immediately after decades of monetary struggles. Neumann stepped down in 2019 as the corporation confronted mounting investor worries in excess of its corporate governance and valuation.
3rd Place, Neumann and Spiro did not quickly react to CNBC’s ask for for comment.
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