REUTERS: SoftBank has prepared a financing package for WeWork that would give it control over the shared office space company, a person familiar with the matter said, as reported by the Wall Street Journal.
Without a fresh infusion of cash, WeWork risks running out of money as early as the end of the December, the person said. "WeWork has retained a major Wall Street financial institution to arrange a financing," a WeWork spokeswoman said."Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company's management and its bankers over the course of this past week and this coming week."
In recent weeks, global credit rating agencies Standard & Poor's and Fitch Ratings have also downgraded WeWork's credit ratings deeper into junk territory, while the company's junk bond is trading at a record low.
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