WeWork seeks permission to begin canceling leases in bankruptcy
© Reuters. 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 - 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.
The Softbank-backed office space-sharing company filed for bankruptcy protection in Newark, New Jersey, bankruptcy court on Monday, seeking to address more than $4 billion in debt and unsustainable rent costs. WeWork, once valued at $47 billion, expanded at breakneck speed but racked up steep losses on its long-term lease obligations after a post-COVID plunge in demand for office space.
After an earlier effort to restructure its debts failed to stave off bankruptcy, WeWork reached a restructuring agreement with over 90% of its bondholders to convert $3 billion of debt into equity in the company. Softbank will also be removed; self-promotional material or business-related solicitations or PR , and/or any other comment that contains personal contact specifcs or advertising will be removed as well.
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