Shared office giant WeWork negotiates with investors to restructure more than $3 billion in debt

CTOnews.com, March 8 (Xinhua)-- shared office giant WeWork is in talks with investors to restructure its outstanding debt of more than $3 billion and raise more cash, Reuters reported, citing the New York Times. WeWork shares rose about 5 per cent in after-hours trading on the news.

The cash injection is likely to provide WeWork with the hundreds of millions of dollars it needs to stay operational for at least a few years, according to people familiar with the matter. Yardi, a real estate software provider based in Santa Barbara, Calif., is one of the investors considering new investments in the company.

WeWork didn't immediately respond to a request for comment.

There is no guarantee that the WeWork deal will be completed, and even if it does, it could take weeks, according to people familiar with the matter.

Reported that Japan's Softbank Corp. Group is not only the largest shareholder of WeWork, but also its largest debtor, plays a key role in the negotiations, but is not expected to invest any additional funds into the company.

In January, the New York-based company also plans to cut about 300 jobs worldwide. Last year, the company announced that it would withdraw from about 40 underperforming parts of the United States because of high costs and a stronger dollar.