Office-sharing company WeWork files for bankruptcy

  • 📰 wfaa
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

WeWork shares tanked by nearly 50% on Wednesday amid reports that they plan to file for bankruptcy.

has filed for Chapter 11 bankruptcy protection, a stunning fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.

The company offered few specifics about the course of its restructuring, but noted in its filing that it was requesting the ability to cancel leases in particular locations that WeWork described as largely non-operational. All affected members have received advanced notice, the company said in a late Monday announcement.in October 2021 after its first attempt to do so two years earlier collapsed spectacularly.

Last month, WeWork skipped hefty interest payments — kicking off a 30-day grace period before an event of default. And last week, WeWork disclosed a forbearance agreement with bondholders that extended negotiations by one week prior to triggering a default.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 543. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Office-sharing company WeWork files for bankruptcyWeWork shares tanked by nearly 50% on Wednesday amid reports that they plan to file for bankruptcy.
Source: 10TV - 🏆 560. / 51 Read more »

Office-sharing company WeWork files for bankruptcyWeWork shares tanked by nearly 50% on Wednesday amid reports that they plan to file for bankruptcy.
Source: KVUE - 🏆 244. / 63 Read more »