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Report: WeWork cofounder Adam Neumann may have to unload property to pay off a giant loan

Report: WeWork cofounder Adam Neumann may have to unload property to pay off a giant loan

5 years ago
Anonymous $MUlyiGRWxa

https://techcrunch.com/2019/10/04/report-wework-cofounder-adam-neumann-may-have-to-unload-property-to-pay-off-a-giant-loan/

Adam Neumann may be out of the daily flow of WeWork, but he seemingly remains top of mind to some of the company’s bankers.

According to a new Business Insider piece, Neumann is working with JPMorgan, UBS, and Credit Suisse to consider new terms for a $500 loan that he took out before WeWork filed to go public, and from which Neumann has already drawn down $380 million. Since he can no longer pay the loan with proceeds from selling WeWork shares publicly (it yanked its S-1 earlier this week), he may have to put up some of his properties or other assets as collateral for the loan, according to one of BI’s sources.

Report: WeWork cofounder Adam Neumann may have to unload property to pay off a giant loan

Oct 5, 2019, 12:13am UTC
https://techcrunch.com/2019/10/04/report-wework-cofounder-adam-neumann-may-have-to-unload-property-to-pay-off-a-giant-loan/ > Adam Neumann may be out of the daily flow of WeWork, but he seemingly remains top of mind to some of the company’s bankers. > According to a new Business Insider piece, Neumann is working with JPMorgan, UBS, and Credit Suisse to consider new terms for a $500 loan that he took out before WeWork filed to go public, and from which Neumann has already drawn down $380 million. Since he can no longer pay the loan with proceeds from selling WeWork shares publicly (it yanked its S-1 earlier this week), he may have to put up some of his properties or other assets as collateral for the loan, according to one of BI’s sources.