September 24, 2019 / 5:39 PM / a month ago

WeWork junk bond price falls after sources say CEO Neumann to step down

NEW YORK, Sept 24 (Reuters) - The price of WeWork’s 7.875% junk bond fell after people familiar with the matter told Reuters on Tuesday that co-founder Adam Neumann agreed to resign as chief executive of the U.S. office-sharing company, though he will remain as non-executive chairman.

The bond was last trading at 93.010 cents on the dollar according to MarketAxess, about 1 point below its price prior to the news and down about 3.89% on the day. According to Refinitiv’s Eikon it was 92.75 cents on the dollar from 94.75 cents earlier Tuesday.

Reporting by Kate Duguid Editing by Chizu Nomiyama

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