WeWork files for bankruptcy amid office market downturn
WeWork has filed for bankruptcy for its U.S. operations.
WeWork’s locations outside of the United States and Canada are not part of this process.
As part of filing, WeWork is requesting the ability to reject the leases of certain locations that are largely nonoperational, and all affected members have received advanced notice.
In addition, the firm has entered into a restructuring support agreement (RSA) with holders representing approximately 92 percent of its secured notes to drastically reduce the company’s existing funded debt and expedite the restructuring process.
David Tolley, CEO of WeWork, said, “It is the WeWork community that makes us successful. Our more than half-million members around the world turn to us for the best-in-class spaces, hospitality and technology that our 2,500 dedicated employees and valued partners provide. WeWork has a strong foundation, a dynamic business and a bright future.”
“Now is the time for us to pu