Oct 21 (Reuters) - SoftBank Group Corp has made a $5 billion debt financing offer to keep WeWork afloat as part of a deal that would make the Japanese technology conglomerate the majority owner of the struggling U.S. office-space sharing start-up, people familiar with the matter said on Monday.
In addition to the debt financing, SoftBank is proposing to accelerate a previous $1.5 billion equity commitment to WeWork in the form of warrants that are due in April, the sources said.
This commitment was made at a $47 billion valuation, but SoftBank is now seeking to renegotiate it at a valuation of less than $10 billion, sources have said.
WeWork's board will meet on Tuesday to evaluate SoftBank's offer, one of the sources said. JPMorgan Chase & Co has been trying to put together an alternative financing package, sources have said.
WeWork, SoftBank and JPMorgan declined to comment. (Reporting by Greg Roumeliotis, Joshua Franklin and Mike Spector in New York; Editing by Lisa Shumaker)