WeWork Inc. WE, -11.63%, the once-hot shared office space provider, is planning to file for bankruptcy, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The company, which could file as soon as next week, was weighing filing for chapter 11 in New Jersey, the Journal said. Shares plunged 34.2% after hours on Tuesday.
The move would come after the onetime IPO hopeful’s market value reached as high at $47 billion. But in 2019 the company shelved plans to go public amid questions about its finances, governance and company structure. WeWork missed interest payments to bondholders on Oct. 2, beginning a 30-day grace period, the Journal said on Tuesday. The company on Tuesday said its bondholders gave it another seven days to negotiate before a default, the Journal said.
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