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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.
Flexible workspace provider WeWork sought U.S. bankruptcy protection on Monday, crippled by a large debt pile and soaring losses due to lower demand for office space from cost-conscious customers.
WeWork Inc (NYSE:WE) said its office spaces will remain open as it works to reduce its debt obligations and carries out a restructuring after filing for bankruptcy protection. The New York-based office space rental company on Monday evening confirmed that it has filed for Chapter 11 bankruptcy protection in New Jersey, following reports last week that it was preparing to file.
The company said its coworking spaces will remain open as it seeks to exit and renegotiate leases. NEW YORK (AP) — After months of signaling bankruptcy could be on the horizon, WeWork has officially filed for Chapter 11 bankruptcy protection, marking a stunning fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.
WeWork (NYSE: WE ) declared bankruptcy. Trade was halted on the shares.