In a statement on Monday, the company said it had entered into a restructuring support agreement with stakeholders to “drastically reduce” the company’s debt while further evaluating its commercial office lease portfolio.
In a prepared statement, chief executive David Tolley said: “Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet. The company went public in October 2021 after its first attempt to do so two years earlier collapsed spectacularly, which saw the departure of founder and chief executive Adam Neumann and Japan’s SoftBank stepped in to keep WeWork afloat, acquiring majority control.
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