WeWork founder Adam Neumann has made a renewed attempt to buy back the company. This comes as WeWork seeks hundreds of millions of dollars to exit bankruptcy and avoid a sale.
WeWork is facing a cash shortage and requires up to $400 million in fresh funding to emerge from bankruptcy successfully. Alex Spiro, an attorney for Neumann's real estate firm Flow, stated that Flow and its financial partners are prepared to outbid any other offer WeWork receives by 10%.
Neumann had previously offered over $500 million to buy back WeWork, according to a Reuters report last month. WeWork has not yet responded to a request for comment.
The SoftBank-backed company aims to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31. WeWork has negotiated a reduction in rent commitments from landlords, amounting to over $8 billion or 40%.