WeQuit: WeWork bonds sink after top executives resign from cash-burning company

WeWork Inc. bonds have been sinking deeper into distressed territory after two top executives left the company on the heels of a complex debt restructuring.

The deal cut about $1.2 billion of its debt, provided about $290 million of immediate cash and significantly reshuffled WeWork’s debt load, according to CreditSights. In addition to pushing out WeWork’s overall maturities, the May recapitalization gave participants a chance to equitize some of their old debt.

Stock falls to 17 cents Office properties have been in the eye of a commercial real estate slump, with some seeing positives and negatives for co-working companies if corporations shrink their permanent office footprint, but flock to flexible alternatives. That assumes the company’s cash burn stays the same. WeWork’s former CEO said in a recent earnings call that he expected it to decrease, and turn positive by the end of this year.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Gartner CFO & Finance Executive Conference Day 1 HighlightsThat's a wrap on Day 1 of GartnerFinance. Highlights from the day include: ✅ Effective FinTech strategies ✅ The Finance 2025 Progress Report ✅AI usage on the path to Autonomous Finance Learn more on the Gartner Newsroom now: CFO
Источник: Gartner_inc - 🏆 455. / 53 Прочитайте больше »

Gartner CFO & Finance Executive Conference 2023, National Harbor, MDDYK that GartnerFinace allows finance leaders and CFOs to evaluate solution providers? Check out which exhibitors can help you reach your mission-critical priorities and are on-site at this year's conference: CFO
Источник: Gartner_inc - 🏆 455. / 53 Прочитайте больше »