SoftBank Group, the multi-billion dollar Japanese technology conglomerate and investment firm, has put together a bid that would save WeWork parent company We Co., just weeks before the co-working real estate company’s imminent collapse, The Wall Street Journal reports.
With the collapse of the company’s planned initial public offering, We Co. is facing a cash crunch. The company was planning to raise billions of dollars in debt on the heels of its public offering to finance its continued operations.
SoftBank’s pitch isn’t the only lifeline for We Co. According to the WSJ’s reporting there’s a plan in the works to raise billions of debt through a process being managed by JPMorgan Chase & Co. SoftBank already owns about one-third of the company and their bid for the business would involve billions in equity and debt.