10/16/2019, 5:50 AM (Source: TeleTrader)
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SoftBank, JPMorgan join forces for WeWork - report

After unconfirmed reports of rival offers, SoftBank Group Corp. and JPMorgan Chase and Co. are said to be working on an equity and debt package to salvage We Co. or, more accurately, its main business WeWork. Unnamed people familiar with the talks revealed to CNBC that the struggling startup is burning so much cash that it could run dry within a month.

The coworking space renter and lessor, which recently scrapped its long-awaited stock market listing amid market turbulence and an inflated valuation, is scrambling for options including, apparently, the version where its largest stakeholder would secure equity and the largest bank in the United States would provide the loan.

The number of interested investors in JPMorgan's initiative reached one hundred, the sources said. It is the third-largest owner of its shares, trailing Benchmark. Meanwhile, WeWork's bonds kept sinking and rumors emerged in the media that the trading in its stock at secluded over-the-counter markets has nearly ceased, with valuation dropping to as low as $7 billion.

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