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Adam Neumann ends bid to buy WeWork — report

Tan KW
Publish date: Tue, 28 May 2024, 08:36 PM
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WeWork founder and former CEO Adam Neumann has ended his bid to acquire the bankrupt shared office space provider, the New York Times Dealbook reported on Tuesday.

Earlier this year, Reuters reported that Neumann's new real estate venture, Flow Global, had submitted a bid of more than US$500 million to take over WeWork and its assets.

"For several months, we tried to work constructively with WeWork to create a strategy that would allow it to thrive. Instead, the company looks to be emerging from bankruptcy with a plan that appears unrealistic and unlikely to succeed," Neumann said in his statement to DealBook.

WeWork, with over US$13 billion in long-term leases, filed for Chapter 11 bankruptcy protection in 2023 in order to renegotiate these agreements.

WeWork did not immediately respond to a request for comment.

 


  - Reuters

 

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