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WeWork (WE) filed for Chapter 11 bankruptcy on Monday, consenting to a restructuring agreement for its investors to pay off $4 billion in debt. The shared workspace company was hit by a massive shift in how and where office workers perform their duties from the COVID-19 pandemic and debates over work-from-home policies.
Court papers reveal Japanese conglomerate transferred money less than a week before office rental group filed for bankruptcy
Before the pandemic, WeWork (WE) was valued at $47 billion, quite the high for a company that just filed for Chapter 11 bankruptcy on Monday. According to Bloomberg, the company's first appearance in bankruptcy court will be on Wednesday, to settle the $4 billion debt it can't afford to pay back.
Masayoshi Son's is in focus on Wall Street because of his support of WeWork Inc., whose bankruptcy is a blow to the finances and credibility of the Japanese billionair'es SoftBank Group Corp. Bloomberg's Sonali Basak reports. --------
WeWork marks the start of the zombie company collapse, according to New Constructs' David Trainer. The coworking giant recently filed for bankruptcy after shares plunged more than 99% in value.
WeWork filed for Chapter 11 bankruptcy protection. Christine Li of Knight Frank discusses the implications.
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.
WeWork could flood the market with office space. Investors care more about where the economy and interest rates are headed.
WeWork's bankruptcy, with almost $19 billion in liabilities including long-term office leases, is casting a shadow over the commercial real estate industry. Bloomberg's Sonali Basak reports.
A New York judge has demanded that WeWork, which filed for bankruptcy this week, cough up “bank statements, canceled checks, wire transfers, records of deposits, withdrawal receipts and wire transfer receipts” it has allegedly safeguarded since 2010 in an allegedly deliberate move to breach a Manhattan lease.