WeWork has seen its valuation plunge to $8 billion under a rescue plan put forward by its largest stakeholder, SoftBank, according to a published report Monday.

The office leasing company's board is set to meet Tuesday to consider a financing plan from SoftBank to lend the cash-burning company $5 billion as well as accelerating a previously agreed investment round of $1.5 billion, The Wall Street Journal reported. 

The board is also expected to consider a separate plan from JPMorgan Chase & Co. (JPM - Get Report) . Terms of that proposal are more expensive and complicated than the SoftBank plan, according to the report.

WeWork, whose parent company is called We Co., is quickly burning through its remaining cash, following the failed IPO. If its proposal is accepted, SoftBank will have put more than $10 billion into the company, the report said.

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