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