Knotel filing for bankruptcy ahead of sale to Newmark - Business Insider

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Former flexspace unicorn Knotel is filing for Chapter 11 bankruptcy ahead of a proposed sale to an investor. Leaked numbers show how its financials worsened in 2020.

Knotel is selling to Newmark, an investor, and filing for Chapter 11 bankruptcy.

When contacted by Insider earlier on Sunday, Knotel spokesman Mousa Ackall repeatedly said the company had not filed for bankruptcy. He later, which does not apply to Knotel's international operations. The pandemic has been punishing for several workspace firms. In December, Serendipity Labs filed for bankruptcy and the Montreal-based workspace firm Breather said it would abandon its over 300 locations in the US and Canada. Months earlier, Regus placed dozens of individual workspace locations it operates across the country into bankruptcy in order to shed or restructure those commitments.

. Knotel would not comment on that purported fundraising. Sarva also told investors recently that the company brought in about $250 million in revenue for 2020, per a source with knowledge of the discussions. That would mark a significant jump from 2019, when the company recorded $160 million in revenue, per unaudited financials reviewed by Insider in the spring.

Other highlights from company's financial statements through October, which were confirmed with a second source, included the following: Its total current liabilities continued to tick up: the company recorded $216 million in liabilities in January 2020, and $364 million in October. Within its liabilities, accounts payable swelled from $54.4 million in January to $119.8 million in October, and notes payable jumped from $6 million in January to $75.4 million in October.

 

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