ST’s BS about WeWorks

WeWork to expand to 12 locations in Singapore by year end despite global woes 

ST’s headline screamed.

The constructive, nation-building ST went on

Co-working space operator WeWork has launched a new space in the Central Business District (CBD) and will add two more locations here in Singapore by the end of the year.

It will have a total of 12 locations in Singapore by this December, which will mark its two-year anniversary in the Republic.

Well FT juz reported

Two people briefed on the fundraising efforts said the office company’s cash crunch was so acute that it had to raise new financing no later than the end of November.

FT says JPMorgan is trying to complete an emergency debt financing package as soon as next week to buy time to restructure after the failed IPO.

Goldman Sachs who is an investor, IPO adviser (like JPMorgan) and customer, is sitting on its hands as JPMorgan tries to get other major banks to also lend money to WeWorks.

It had been tot “current funding arrangements might only carry it through another four to eight quarters unless it rapidly reduced the rate at which it has been burning cash.” LOL.

Updated:

Looks like it’ll close shop here after Softbank’s bail-out:

WeWork is also looking to prioritise three markets — the US, Europe and Japan — and will pull back from other regions including China, India and much of Latin America. It has already begun looking at building closures in parts of its portfolio including in China and other regions.

FT

Morocco Mole (Secret Squirrel’s sidekick), tells me that his cousin, twice removed, working in a leading real estate broker, tells me the landlords that leased space to WeWorks are drowning their sorrows in beer, bracing themselves for terminations. Damages are meaningless because there’s no money to pay them: non recourse to WeWorks.

Time to cut down its newsroom further, SPH?

 

Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor

 

 

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12 Responses to “ST’s BS about WeWorks”

  • Hagien-Diaz:

    This was a Ponzi scheme built to go public, which would have been the trigger event for ‘insiders’ to liquidate their holdings. SoftBank “walked up” the private market value of the company by buying successive rounds of stock at rapidly escalating prices. That’s where the $48 billion IPO “price talk” came from. Now, weeks later, the company is valued at $8 billion.

    So much for the efficient market hypothesis.

    And this is before getting to the question of how the company will fare in a recessive environment like Singapore. Without question, customers’ short term leases will lapse, but WeWork’s own long term lease obligations will remain. This is a recipe for an eventual liquidity crisis.

    And, Neumann walking away with a billion? A total travesty…

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  • Ask:

    Just ask how much TH invested in such a Nigerian Scam company.!!

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  • cut and paste is plagiarism:

    nothing new.

    further more, all just cut and paste.

    that it is wasting byte space here in TRE is mind boggling.

    meant for pap petir but posted here, trying to BS 30% OPPO but without success because all investors here in TR are successful investors and not the failing cynical kind of pap petir.

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  • It's Cumming!:

    They are using extreme advantages to compete with Alternatives.

    It’s extreme injustice and unfair.

    Without this extremes advantage they lose long ago.

    Very shameful.

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  • Went to Japan:

    No one report this fake news to Min. Sha?

    And who propagates fake news?

    Nothing happens?

    Only reporting on anti white news or criticisms then fake news law will come into play?

    LOL

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  • opposition dude:

    “Time to cut down its newsroom further, SPH?”

    For once I agree with uncle Cynical. There was an axeing exercise just a bit over 2 years ago at SPH and another one announced a few weeks back. Since SPH loves to run non profitable businesses it means that we can only expect more retrenchments in the coming years.

    And it also shows that despite the increase in online subscriptions it isn’t enough to not have to chop heads. I don’t know just how much more its newspapers’ circulation will continue to dwindle but I guess they just love to bang their heads against the wall lah.

    Keep up the great work ah SPH! Waiting to read more reports about your circulation dwindling by anohter few percentage points hor!

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  • HDB flats depreciate to ZERO:

    SoftBank paid WeWork founder & CEO US$1.7 billion to leave the company. It might make any difference because the WeWork business model is fundamentally flawed.

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  • Shocked:

    This is shocking news. I was told the company was doing so well that it could even afford to fly in nearly a thousand staff from all over the world to attend a company event.

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  • pap only hires the untalented:

    opposition dude:
    “Time to cut down its newsroom further, SPH?”

    For once I agree with uncle Cynical. There was an axeing exercise just a bit over 2 years ago at SPH and another one announced a few weeks back. Since SPH loves to run non profitable businesses it means that we can only expect more retrenchments in the coming years.

    And it also shows that despite the increase in online subscriptions it isn’t enough to not have to chop heads. I don’t know just how much more its newspapers’ circulation will continue to dwindle but I guess they just love to bang their heads against the wall lah.

    Keep up the great work ah SPH! Waiting to read more reports about your circulation dwindling by anohter few percentage points hor!

    it is actually this, aka the truth and not fake news, SPH is dying a faster death because of lying pap time expired useless fatty general who sank NOL.

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  • Sinkie:

    Never read the ST opinion pieces !

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  • NotMyProblem:

    Sinkie:
    Never read the ST opinion pieces !

    I never read ST totally!!!

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  • Dr Tan CB PSP topples pap:

    Sinkie:
    Never read the ST opinion pieces !

    NotMyProblem: I never read ST totally!!!

    Spore mouths numbering toward 6.9m.

    Yet pap mouthpiece readership drops each time number of mouths increase.

    At the rate pap mouthpiece is dying, it shall disappear even before Spore mouths number 10.0m.

    A very good thing. Probably by dictate of heaven. Good riddance to rotten group of fake newsters a lying group of pap mouthpiece liars.

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