Adam Neumann ends bid to buy WeWork, NYT Dealbook reports (updated)

Wework

28/05/2024 12:55

(Adds background and quote)
       May 28 (Reuters) - 
    WeWork founder and former CEO Adam Neumann has ended his bid
to acquire the bankrupt shared office space provider  WEWKQ.PK ,
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 $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 $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. 
  

 (Reporting by Shivansh Tiwary in Bengaluru; Editing by Savio
D'Souza and Saumyadeb Chakrabarty)
 ((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192; X:
@Shivansh_19_;))