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New York-based WeWork is considering filing a Chapter 11 petition in New Jersey.
Photograph: Vincent Isore/ZUMA Press/REX/Shutterstock
New York-based WeWork is considering filing a Chapter 11 petition in New Jersey.
Photograph: Vincent Isore/ZUMA Press/REX/Shutterstock
WeWork



WEWORK PLANS TO FILE FOR BANKRUPTCY OVER MASSIVE DEBT PILE AND LOSSES

Co-working firm, once valued at $47bn, struggled to recover from founder Adam
Neumann’s exit and shift to remote work


Reuters
Wed 1 Nov 2023 07.21 EDTFirst published on Tue 31 Oct 2023 19.41 EDT
 * 
 * 
 * 



WeWork plans to file for bankruptcy as early as next week, a source familiar
with the matter said on Tuesday, as the SoftBank Group-backed company struggles
with a massive debt pile and hefty losses.

Fears grow for property sector as WeWork scrambles to stay afloat
Read more


Shares of the flexible workspace provider fell 32% in extended trading after the
Wall Street Journal first reported the news. They have fallen roughly 96% this
year. The company never seemed to recover from the scandal of its founder’s
ouster and the remote work revolution of the pandemic.

New York-based WeWork is considering filing a chapter 11 petition in New Jersey,
the WSJ reported, citing people familiar with the matter.

WeWork declined to comment.

Earlier on Tuesday, WeWork said it had entered into an agreement with creditors
for temporary postponement of payments for some of its debt, with the grace
period nearing an end.



The company had net longterm debt of $2.9bn as of June end and more than $13bn
in longterm leases, at a time when rising borrowing costs are hurting the
commercial real estate sector.

WeWork’s filing for bankruptcy would mark a stunning reversal of fortune for the
company, privately valued at $47bn in 2019. It remained a black spot on the
balance sheet of investor SoftBank, which sunk billions into the company.

The company has been in turmoil ever since its plans to go public in 2019
imploded following investors’ skepticism over its business model of taking
longterm leases and renting them for the short term, worries over its hefty
losses and remote work.

WeWork’s woes did not abate in subsequent years. It finally managed to go public
in 2021 at a much-reduced valuation. Its major backer, Japanese conglomerate
SoftBank, invested tens of billions to prop up the startup, but the company has
continued to lose money.

WeWork raised “substantial doubt” about its ability to continue operations in
August, with numerous top executives, including CEO Sandeep Mathrani, departing
this year.

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