WeWork will make its first U.S. bankruptcy court appearance on Wednesday, seeking to advance a restructuring proposal that could cut $3 billion in debt and shrink the company's real estate footprint.
A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. REUTERS/Shannon Stapleton/ File PhotoNEW YORK, Nov 8 - in Newark, New Jersey, bankruptcy court on Monday, seeking to address more than $4 billion in debt and unsustainable rent costs.
The company has identified 69 leases it intends to break in the initial days of its bankruptcy, including 41 in New York City, and it could seek to reject additional leases later in its bankruptcy. WeWork said it is seeking to renegotiate terms on other leases with 400 landlords. "So much of this is outside of landlords' control. There's really very little they can do during the initial stage of a bankruptcy," Chandler said.
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