atans1

ST’s BS about WeWorks

In Property on 11/10/2019 at 5:30 pm

WeWork to expand to 12 locations in Singapore by year end despite global woes 

ST’s headline screamed today.

The constructive, nation-building ST went on

Co-working space operator WeWork has launched a new space in the Central Business District (CBD) and will add two more locations here in Singapore by the end of the year.

It will have a total of 12 locations in Singapore by this December, which will mark its two-year anniversary in the Republic.

Well FT juz reported

Two people briefed on the fundraising efforts said the office company’s cash crunch was so acute that it had to raise new financing no later than the end of November.

FT says JPMorgan is trying to complete an emergency debt financing package as soon as next week to buy time to restructure after the failed IPO.

Goldman Sachs who is an investor, IPO adviser (like JPMorgan) and customer, is sitting on its hands as JPMorgan tries to get other major banks to also lend money to WeWorks.

It had been tot “current funding arrangements might only carry it through another four to eight quarters unless it rapidly reduced the rate at which it has been burning cash.” LOL.

 

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