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WeWork’s bankers are pitching investors on what would be one of the riskiest junk-debt offerings in recent years, and potentially giving the venture’s top private shareholders a final chance to avoid having their stakes severely diluted.

A roughly $5 billion financing package led by JPMorgan Chase & Co. is said to be the company’s preferred option, rather than selling a controlling stake in itself to SoftBank Group Corp., according to people with knowledge of the matter.

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