• 30-May-2024

WeWork Files For Bankruptcy: Ex-CEO Adam Neumann Says, 'Reorganization Will Enable WeWork To Emerge Successfully'

Grand News Network | November 7, 2023

Office-space provider, WeWork (NYSE:WE), has filed for Chapter 11 bankruptcy protection, as it faces liabilities between $10 billion and $50 billion.

What Happened: The filing is limited to the company’s locations in the U.S. and Canada, CNBC reported. The firm stated that it had entered into agreements with a majority of its secured noteholders and plans to cut “non-operational” leases.

“We remain committed to investing in our products, services, and world-class team of employees to support our community,” said WeWork CEO David Tolley.

See Also: Bitcoin, Ethereum, Dogecoin Mixed As Rally Hits Pause: Analyst Says Apex Crypto ‘A Brain Dead Play’ Now, Investors Lucky If They ‘Get A Dip Below This Level’

Why It Matters: In recent years, WeWork has witnessed a dramatic corporate downfall, failing an IPO attempt and suffering from the pandemic-induced economic downturn. The company’s value plummeted by 98% ...

Full story available on Benzinga.com

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