SoftBank hired that specialize in restructuring in order to save WeWork from bankruptcy.

According to Bloomberg,citing unnamed sources, SoftBank hired Houlihan Lokey, an American investment bank that specializes in bankruptcy, to try and revive the office rental company.

The paper said that Houlihan was assessing different ways for WeWork to cut liabilities, and would be going through its portfolio, one property at a time, and assess which assets were loss-making.

"Houlihan is working on cutting liabilities as WeWork mulls a separate deal that could hand control of the struggling office-sharing company to SoftBank, its biggest shareholder, according to the people," Bloomberg wrote.

Earlier this week, the Guardian reported that the WeWork was cutting 2000 jobs as soon as next week, as the company tries to battle through the crisis it's currently facing.

While by Tuesday evening WeWork's bonds dropped to even further lows, as investors feared that the real estate company wouldn't be able to pay back its own debt.

All of this comes amid reports that WeWork is weighing up a choice of JPMorgan or SoftBank to save the company,

The JPMorgan option would refinance the company to the tune of $5 billion which would include a $2 billion unsecured payment-in-kind, with a hefty 15% coupon, Bloomberg wrote.

While the SoftBank option would mean the Japanese firm effectively taking control of WeWork, as it would invest a $10 billion controlling stake in the firm. SoftBank previously valued WeWork at $47 billion, highlighting its fall from grace since failing to go public.

It has been reported that WeWork is currently favoring the JPMorgan option, despite SoftBank already investing billions in the firm.

Business Insider has reached out to WeWork for comment. SoftBank and Houlihan Lokey declined to comment to Bloomberg.

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SoftBank reportedly hired restructuring and bankruptcy bankers to help revive WeWork - INSIDER