Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.Adam Neumann, the co-founder of WeWork, has submitted a conditional bid of about $600mn for the bankrupt co-working firm he led till 2019, in line with three individuals briefed on the matter.Movement, Neumann’s new property firm, confirmed the supply on Monday, saying “a coalition of half a dozen financing companions — whose identities are identified to WeWork and its advisers — submitted a possible bid” two weeks in the past.Neumann, who resigned as WeWork’s chief govt in 2019, has been courting potential traders for months to finance his effort to regain management of the corporate. However Movement didn’t specify who had agreed to step in alongside the entrepreneur. Third Level, a New York hedge fund that Neumann named in a letter to WeWork final month as a “associate”, is just not concerned, in line with individuals acquainted with the matter. Baupost Group, one other funding group that had held discussions with Neumann, was not concerned both, stated individuals acquainted with the agency.Neumann had not but signed a non-disclosure settlement, two individuals acquainted with the matter stated. Nonetheless, he has stated that along with the roughly $600mn he’s bidding for WeWork, he would additionally make investments tons of of tens of millions of {dollars} within the firm, they added.“WeWork is a unprecedented firm and it’s no shock we obtain expressions of curiosity from third events frequently,” the corporate stated in a press release. “Our board and our advisers evaluation these approaches within the unusual course, to make sure we all the time act in the perfect long-term pursuits of the corporate.” The co-working group, which filed for chapter in November, has been negotiating with collectors to provide you with a plan for the way it will exit Chapter 11. Regardless of Neumann’s overtures in latest months, there was no plan on the a part of WeWork to promote itself. Neumann despatched a letter to WeWork in February stating he was “partnering” with Daniel Loeb’s Third Level in a bid for the corporate. Nonetheless, the hedge fund advised the Monetary Occasions on the time that it had held “solely preliminary conversations” with Neumann and Movement about WeWork and “has not made a dedication to take part in any transaction”.RecommendedAny bid put ahead by Neumann must be palatable to collectors who stand to take management of the enterprise as soon as it emerges from chapter. They consider the corporate’s worth will largely rely upon the concessions WeWork can win from landlords, in addition to what number of areas it finally decides to shut to regulate its prices because it wraps up its chapter proceedings.In the meantime, different deep-pocketed teams have been finding out WeWork’s funds and will nonetheless make their very own bids for the enterprise. The Wall Avenue Journal first reported Neumann’s preliminary supply for WeWork.