(Reuters) — SoftBank has prepared a financing package for WeWork Companies that would give it control over the shared office space company, a person familiar with the matter said.
The package would significantly increase the stake of SoftBank, which already owns around one third of WeWork, and further dilute the influence of cofounder Adam Neumann, said the person, who declined to be identified because of the sensitivity of the matter.
Reuters had reported that SoftBank was in negotiations to make a $1 billion investment to enable WeWork to go through a major restructuring.
Without a fresh infusion of cash, WeWork risks running out of money as early as the end of the December, the person said.
WeWork is working with JPMorgan Chase & Co to