The office-sharing company, which began as a successful startup, WeWork, filed for bankruptcy on Tuesday.
According to reports in court documents filed in New Jersey,
The company did not provide too many details about the planned restructuring process, but said it was seeking approval to cancel leases in specific locations deemed inapplicable. The company claims to have reached an agreement with most creditors to convert existing loans and $3 billion worth of bonds into shares in the company after completing the process.
WeWork Offices,
About three months ago,
WeWork
It announced: "There is significant doubt about the ability to continue operating." The company published a plan to improve its financial position, but emphasized that the success of implementing the plan in the next 12 months will determine its ability to avoid bankruptcy.
Wrong? We'll fix it! If you find a mistake in the article, please share with us