Japanese conglomerate SoftBank Group Corp. and JPMorgan Chase & Co. are in talks on an emergency financing package for coworking giant WeWork Cos. Inc., CNBC.com reported Oct. 15, citing sources.

The two companies are reportedly working on a bailout plan for WeWork that involves a mix of debt from JPMorgan and equity from SoftBank. JPMorgan is wooing 100 investors who have signed nondisclosure agreements to potentially participate, sources said.

WeWork originally had to choose between a JPMorgan-led $5 billion debt package and selling a controlling stake to SoftBank. The We Co. unit was leaning toward the first option, sources told Bloomberg News.

JPMorgan's plan may reportedly include at least $2 billion of unsecured notes with equity warrants, about $1 billion of secured debt that would be sold to investors, and about $1.7 billion in letters of credit to be split among participating banks.

WeWork is under pressure to raise new financing by end-November following a recently postponed IPO. The move came after recent management changes and reports of several strategic moves being considered for the company.