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WeWork bond prices falls after SoftBank questions CEO - MarketAxess

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By Reuters
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   -   Copyright  Brendan McDermid(Reuters)

NEWYORK (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 <9984.T> 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 (564.8 million pounds) bond was last trading at 95.744 cents on the dollar versus 96.979 on Friday.

(Reporting by Kate Duguid. Editing by Jane Merriman)