The flexible-workspace provider could file a Chapter 11 petition in New Jersey as early as next week, sources told The Wall Street Journal. Its shares closed down nearly 50 per cent on the New York Stock Exchange. (The Wall Street Journal)
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The flexible-workspace provider could file a Chapter 11 petition in New Jersey as early as next week, sources told The Wall Street Journal. Its shares closed down nearly 50 per cent on the New York Stock Exchange. (The Wall Street Journal)
Talking point: Bankruptcy would be a stunning reversal of fortunes for the one-time darling of the venture capital world, valued at US$47 billion at its peak in a 2019 round led by SoftBank. On Tuesday, WeWork struck a seven-day forbearance agreement with its bondholders after missing a debt payment that kicked off a 30-day grace period before a default. WeWork has struggled in the commercial real estate downturn and has been trying to renegotiate its leases with landlords. A spokesperson for WeWork quoted by the Journal called the report “speculation” and highlighted a securities filing from Tuesday that said “the forbearance agreement provides time to continue in the positive conversations with our key financial stakeholders.” WeWork did not respond to The Logic’s request for comment.
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