The founder of WeWork, Adam Neumann, is attempting to repurchase the company that filed for bankruptcy in November, according to people with knowledge of the situation on Tuesday.

According to the sources, Neumann’s new real estate venture, Flow Global, has attempted to purchase WeWork or its assets and offer bankruptcy financing to keep it afloat.

DealBook was the first to publish the news, stating that Neumann’s attorneys claimed in a letter to WeWork on Monday that Third Point, a hedge firm run by Daniel Loeb, would assist with financing the deal.

Third Point did not commit to any money, as it told Reuters on Tuesday, adding that it had “only had preliminary conversations” with Neumann and his real estate company Flow.

There were no comments on the issue available from Flow Global.

WeWork noted that it regularly receives “expressions of interest” and evaluates them to make sure they are in the company’s best interests.The company released a statement saying, “We continue to believe that the work we are currently doing – addressing our unsustainable rent expenses and restructuring our business – will ensure WeWork is best positioned as an independent, valuable, financially strong, and sustainable company long into the future.”

WeWork’s lawyer stated on Monday that the company might have to take out a new bankruptcy loan to make up for the less rapid than anticipated progress in rent discussions.

WeWork became the most valuable U.S. startup under Neumann, valued at $47 billion. However, his obnoxious behaviour and his quest for development at the price of profit were exposed, which resulted in his dismissal and the failure of his IPO in 2019.

The SoftBank-backed company suffered losses on its long-term lease obligations as the demand for office space fell and more individuals started working from home during the pandemic.

Neumann made a statement not long before WeWork declared bankruptcy, saying, “I believe that, with the right strategy and team, a reorganisation will enable WeWork to emerge successfully.”

(Adapted from NDTV.com)