WeWork Says It Has Access to Billions of Dollars in Debt
This article is for subscribers only.
WeWork’s top executives said Wednesday that the company has the support of its key investor and access to billions of dollars in debt, seeking to reassure staff after SoftBank Group Corp. signaled it may abandon a plan to buy back more stock in the co-working startup.
A notice to WeWork shareholders Tuesday indicated that SoftBank could delay or abandon an agreement to spend $3 billion to purchase stock held by investors and employees. In the email to staff Wednesday, WeWork executives said the stock purchase “has no bearing on SoftBank’s funding commitment to WeWork itself and does not impact our current liquidity and financial strength of the business.”