Tuesday 17 December 2019 7:20 pm

Wework secures $1.75bn from Goldman Sachs fundraising push

Wework has reportedly secured $1.75bn (£1.33bn) from a fundraising push led by banking giant Goldman Sachs.

The embattled flexible office company has obtained the funding in a deal that will free up around £800m in cash, according to Bloomberg.

Softbank has vowed to raise $5bn in debt financing as it seeks to rescue the loss-making company.

“We are pleased that WeWork and SoftBank Group Corp. have entered into a commitment letter with Goldman Sachs,” a spokeswoman for WeWork told the news organisation in an emailed statement.

“WeWork and Softbank are co-obligors on a senior-secured and unsecured basis, respectively.”