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Co-working space provider WeWork secures $1.75 billion funding from Goldman Sachs Group

WeWork announced on Tuesday that it has secured $1.75 billion in new financing in a fundraising push led by Goldman Sachs Group Inc.


Co-working space provider WeWork secures $1.75 billion funding from Goldman Sachs Group | BEAMSTART News

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This financing is part of a bailout package from SoftBank and it should free up roughly $800 million in cash that WeWork had set aside to satisfy covenants on its previous credit line.

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WeWork will be able to access the fund starting January.

WeWork, founded in 2010 and headquartered in New York City, previously reported having a dramatic collapse.

The company lost nearly $1 billion in the first half of the year and had faced questions about its finances and governance.

“We are pleased that WeWork and SoftBank Group Corp. have entered into a commitment letter with Goldman Sachs,” Erin Clark, a spokeswoman for WeWork, said.

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