How much of a contrarian are you willing to be to purchase this debt?

WeWork bonds hit new lows this week after a financial review of the company MarketAxess.

“WeWork’s nearly $700 million of outstanding junk bonds traded elsewhere at a fresh average low of $78.65 cents on the dollar Monday, down from an average of $82.20 cents on the dollar Friday, according to bond data and trading platform MarketAxess,” said Marketwatch.

The plunge comes not long after Softbank injected $10 billion to attempt to stabilize the company’s balance sheet. The report indicates that WeWork bonds hit 13.52%, nearly two times what these bonds paid 18 months ago.

WeWork Bonds Now in Reverse

“The company’s bonds briefly punched above 91 cents on the dollar on Oct. 14 amid optimism about a planned multibillion-dollar rescue of the platform, but sank in trading the next day as bankers circulated a rescue proposal that would have added more debt to the company,” MarketWatch’s Joy Wiltermuth wrote. “The bonds, which mature in May 2025, have struggled since to stay above 85 cents on the dollar in trading, according to MarketAxess.”

WeWork bonds have been in a freefall since the company canceled its planned IPO. The company’s long-term debt obligations were part of a series of challenges for the company. SoftBank injected capital after the firm failed to obtain financing from several Wall Street banks.

In addition, the firm ousted its founder and CEO Adam Neumann, who received a $1.7 billion golden parachute. The firm is reportedly considering T-Mobile’s John Legere as a replacement.