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.
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