In exchange for this $400 million, the lenders would receive 80% of the new equity in reorganized WeWork. WeWork co-founder Adam Neumann objected to the DIP financing arrangement, arguing that the debtors were improperly attempting to use Section 364 of the Bankruptcy Code to sanction their entry into a novel facility that was not a loan but rather a disguised $400 million investment of equity capital in the reorganized debtors. According to Neumann, because this facility was designed to capitalize the reorganized debtors and not fund the bankruptcy estate, it did not meet the criteria for approval of DIP financing under Section 364. Neumann further argued that the DIP motion should be denied as to the Exit DIP New Money Facility because it was an impermissible sub rosa plan of reorganization.