WeWork on Tuesday raised doubt about its ability to stay in business as the co-working space provider faces losses and a dwindling cash pile amid major changes in the way people work. He was ousted in 2019 and under new management WeWork went public in 2021 through a merger with a special-purpose acquisition company. Facing these headwinds, WeWork attempted earlier this year to try to strengthen the company’s finances in order to weather the downturn. SoftBank agreed to swap approximately $1.6 billion of its debts for a mix of new debt and equity in WeWork, and the transaction reduced the company’s debt by more than $1.5 billion. The company said it would seek additional capital through the issuance of debt or additional shares, or by selling assets.

Source: Wall Street Journal August 09, 2023 12:01 UTC