Has Adam Neumann secured financing to buy back WeWork Inc?

WeWork Inc is in focus today after Adam Neumann proposed to buy the office-sharing company out of bankruptcy for over $500 million.

Rithm Capital may be interested in financing

Neumann wants to regain control of the company he was ousted from with a $1.7 billion exit package in September of 2019.

But anonymous sources told CNBC today that it remains unclear whether he has secured financing and support from creditors to proceed with such a transaction.

One of the sources did name Rithm Capital as interested in financing his proposal but said talks and diligence process were currently at the preliminary stage only.   

Neither WeWork Inc nor Adam Neumann has so far commented on the report.

Why are sources skeptical that Neumann has financing?

Note that Adam Neumann had previously named Dan Loeb’s Third Point as a potential financier in his communication with WeWork’s bankruptcy advisors.

He also named Baupost Group earlier as interested in funding his bid – but neither came to fruition as talks with both were only preliminary and informal. That further stirs uncertainty that the billionaire does indeed have financing lined up this time.

The news arrives a couple weeks after Flow Global – a real estate startup of Neumann was reported considering $300 million in Miami developments amid attempts to buy back WeWork Inc.

Shares of the office-sharing company are listed on OTC Markets Group only.

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