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WeWork is reportedly rushing to get a new debt financing deal and it could run out of cash next month

FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019.  REUTERS/Kate Munsch/File Photo

  • 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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    Source:: BusinessInsider.Com