WeWork is reportedly rushing to get a new debt financing deal and it could run out of cash next month
|10/11/2019||Posted by BusinessMediaguide.Com under General World News||
- WeWork has a huge pile of debt and now the firm’s failed IPO left has left it running out of cash much sooner than expected, the Financial Times said.
- Two sources told the Financial Times that the firm’s bankers are rushing to complete a new debt financing deal as soon as next week, to give WeWork the time to restructure.
- JPMorgan Chase, the bank that advised on the firm’s IPO, is leading the refinancing negotiations.
- Last week, Fitch Ratings downgraded WeWork’s debt even further into junk, with a scathing report that said the company has a “precarious liquidity position.”
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