Outsted WeWork Inc (NYSE:WE) founder Adam Neumann has reportedly ramped up efforts to re-buy the office-sharing company.
WeWork though vowed to top any offer by the former boss by 10%, according to the Financial Times.
Neumann led the company to a US$47 billion valuation before being ousted in 2019 as expansion plans came at the expense of profits.
WeWork filed for bankruptcy last year, as the wide-scale move to remote working during the pandemic also took its toll.
According to Reuters-cited sources, it was unclear how Neumann would finance his roughly US$500 million bid.
WeWork is said to need around US$400 million to emerge from bankruptcy as planned later this year.
“We are committed to emerging from Chapter 11 next month as a strong and sustainable company, and that is where our undivided attention lies,” a WeWork spokesperson said.
“Any new financial investment would serve to further strengthen the company as we exit from bankruptcy.”