Feb 11 (Reuters) - Office sharing startup WeWork on Tuesday brought forward its target for becoming free cash flow positive by a year to 2022 and said it expects to post its first ever $1-billion revenue quarter this year.
The new financial targets are part of Chairman Marcelo Claure’s five-year turnaround plan.
WeWork also said reut.rs/2UIyLy8 it would have access to $2.5-$3.0 billion of additional liquidity for future growth, after completing a credit facility with Goldman Sachs and announcing new financial targets.
The company had said in December that it arranged a $1.75 billion letter of credit with Goldman Sachs that was in the process of being syndicated and whose funds were expected to be available in January.
The credit line is part of SoftBank Group Corp’s $9.5 billion bailout that was announced in October when money-losing WeWork was on the brink of running out of cash after it botched its plans to go public earlier. (Reporting by Bharath Manjesh in Bengaluru; Editing by Saumyadeb Chakrabarty)