September 23, 2019 / 1:50 PM / 2 months ago

WeWork bond prices falls after SoftBank questions CEO: MarketAxess

FILE PHOTO: The WeWork logo is displayed on the entrance of a co-working space in New York City, New York U.S., January 8, 2019. REUTERS/Brendan McDermid/File Photo

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 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 $702 million bond was last trading at 95.744 cents on the dollar versus 96.979 on Friday.

Reporting by Kate Duguid. Editing by Jane Merriman

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