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Reuters

WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.
Shares of the flexible workspace provider fell 32 per cent in extended trading after the Wall Street Journal first reported the news. They have fallen roughly 96 per cent this year.
New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter.
WeWork declined to comment.
US electric vehicle maker Lordstown sues Foxconn after filing for bankruptcy
Earlier on Tuesday, WeWork said it had entered into an agreement with creditors for temporary postponement of payments for some of its debt, with the grace period nearing an end.
The company had net long-term debt of US$2.9 billion as of end-June and more than US$13 billion in long-term leases, at a time when rising borrowing costs are hurting the commercial real estate sector.
WeWork’s filing for bankruptcy would mark a stunning reversal of fortune for the company that was privately valued at US$47 billion in 2019 and a black spot for investor SoftBank that sunk billions.
The company has been in turmoil ever since its plans to go public in 2019 imploded following investors’ scepticism over its business model of taking long-term leases and renting them for the short term and worries over its hefty losses.
WeWork’s woes did not abate in subsequent years. It finally managed to go public in 2021 at a much-reduced valuation. Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the start-up, but the company has continued to lose money.
WeWork raised “substantial doubt” about its ability to continue operations in August, with numerous top executives, including CEO Sandeep Mathrani, departing this year.


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SoftBank’s WeWork, once most valuable US start-up, succumbs to bankruptcy

WeWork

WeWork plans to file for bankruptcy as early as next week: source

The logo of WeWork is seen in the window of an office building in London on July 3, 2020. Photo: Reuters

‘WeWork for events’ start-up eyes expansion from Shanghai to Beijing despite economic headwinds in China

White Space, an on-demand meeting-space start-up based in Shanghai, offers rooms that can host up to 150 people for corporate events. Photo: Handout

A view of the city skyline and Huangpu river in Shanghai. Photo: Reuters

Barbara Ex, co-founder and CEO of White Space. Photo: Handout

WeWork’s minority-owned China unit eyes Hong Kong expansion on back of demand from Web3 and crypto firms, mainland border reopening

The WeWork Greater China coworking space in Hong Kong’s Causeway Bay. Photo: Xiaomei Chen

Quan Bin, WeWork Greater China’s vice-president. Photo: Xiaomei Chen

Tech

Tech Trends

New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the Wall Street Journal reported, citing people familiar with the matter
WeWork’s filing for bankruptcy would mark a stunning reversal of fortune for the company that was privately valued at US$47 billion in 2019


WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.


Softbank

Bankruptcy

Technology

International Property

WeWork plans to file for bankruptcy as early as next week: source

New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the Wall Street Journal reported, citing people familiar with the matter WeWork’s filing for bankruptcy would mark a stunning reversal of fortune for the company that was privately valued at US$47 billion in 2019

New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the Wall Street Journal reported, citing people familiar with the matter

WeWork’s filing for bankruptcy would mark a stunning reversal of fortune for the company that was privately valued at US$47 billion in 2019