WeWork Cos. Inc. shareholder SoftBank Group Corp. is working on a financing package for the coworking giant that could value the company at less than $8 billion, a substantial drop from the $47 billion valuation reported earlier in 2019, Bloomberg News reported, citing people with knowledge of the financing talks.

The board of The We Co. unit, which is reportedly contemplating alternative $5 billion rescue packages from SoftBank and JPMorgan Chase & Co., could make a decision on the financing plan as soon as this weekend, the news outlet added, citing unnamed sources.

The potential JPMorgan-led package includes unsecured and secured notes that are being offered on a "best-efforts" basis, Bloomberg reported, citing people familiar with the matter.

The We Co., which recently postponed its IPO indefinitely, risks running out of cash as early as November.

WeWork and SoftBank representatives declined to comment on the financing plan, according to Bloomberg.