NEW YORK (Reuters) - The price of We Company's 7.875% May 2025 junk bond fell 1.1% on Monday morning, MarketAxess data showed, following reports from sources that investor SoftBank Group (T:9984) is exploring ways to replace Adam Neumann as chief executive of the WeWork parent.
The showdown between Japan's SoftBank and the U.S. office-sharing startup comes after We Company postponed its initial public offering last week, following pushback from prospective investors over its widening losses and Neumann's tight grip on the company.
The 2 million bond was last trading at 95.744 cents on the dollar versus 96.979 on Friday.
