WeWork is reportedly considering big governance changes in order to rescue its flailing IPO

The company has already made a few changes such as adding a woman to the board. It's unclear what else the company might change, according to Bloomberg.
WeWork's has seen its projected valuation cut from $47 billion to less than $20 billion due to a lack of interest from investors.
Softbank, WeWork's largest outside shareholder, asked the company to delay its IPO process and could face a multi-billion-dollar write-down if the company debuts with a valuation between $15 and $20 billion as reported.
Read all of Business Insider's WeWork coverage here .

WeWork is weighing major changes to its governance to boost its appeal to investors ahead of its planned initial public offering, according to a Bloomberg report .

At this point, exactly what the company is looking to change or address in its governance is unclear, the report found.

So far, WeWork has added a woman to its board and CEO Adam Neumann has returned $5.9 million he was granted for use of the word "we." But concerns still linger.The WeWork prospectus showed the company paid Neumann rent and lent him money , and that he has voting control over major decisions.

The lead financial advisers on the IPO are JPMorgan Chase & Co and Goldman Sachs. Both have raised concerns about going forward with the IPO after the company lowered its valuation and could list as low as $15 billion.

There's also the matter of WeWork's massive operating losses. The company has $3 billion in losses over the last three years. In the first half of this year, it lost $690 million.

The stakes are high for WeWork and its backers, including SoftBank, the company's largest investor , which added to its stake in the company in January valuing the company at $47 billion. Just this week SoftBank asked the company to delay its IPO process .

WeWork is counting on at least $3 billion from the IPO to take advantage of an additional $6 billion credit line, Bloomberg reported. To access the line, it must IPO by December 31, according to Bloomberg.

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