Former high-flying start-up WeWork has filed for bankruptcy, marking a fresh low for the co-working company that struggled to recover from the pandemic and its failed initial public offering in 2019.
The company reported estimated assets and liabilities ranging from $US10 billion to $US50 billion, according to a bankruptcy filing, which allows WeWork to keep operating while it works out a plan to repay its debts.“WeWork could use provisions of the US bankruptcy code to rid itself of onerous leases,” law firm Cadwalader, Wickersham & Taft LLP said in a note to landlords on its website in August. Some landlords are bracing for a significant impact.
WeWork managed to amend 590 leases, saving about $US12.7 billion in fixed lease payments. But this was not enough to compensate for the fallout from the COVID-19 pandemic, which kept office workers at home.
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ASX 200 LIVE: ASX falls; WeWork files for bankruptcy; RBA in focusShares decline in afternoon trading as Wall Street struggled to extend its rebound; Reserve Bank interest rate decision at 2:30pm AEDT; GQG Partners FUM drops; oil rises. Follow updates here.
Source: FinancialReview - 🏆 2. / 90 Read more »
WeWork files for bankruptcy amid office market downturnThe flexible-office-space venture, valued at $US47 billion at its peak, is facing the consequences of excessive expansion that left it with unprofitable leases.
Source: FinancialReview - 🏆 2. / 90 Read more »
WeWork files for bankruptcyCo-working pioneer WeWork has filed for Chapter 11 bankruptcy in New Jersey federal court in the US.
Source: newscomauHQ - 🏆 9. / 77 Read more »
ASX 200 LIVE: ASX falls; WeWork files for bankruptcy; RBA in focusShares decline at noon as Wall Street struggled to extend its rebound; Reserve Bank interest rate decision at 2:30pm AEDT; GQG Partners FUM drops; oil rises. Follow updates here.
Source: FinancialReview - 🏆 2. / 90 Read more »
ASX 200 LIVE: ASX falls; WeWork files for bankruptcy; RBA in focusShares decline at noon as Wall Street struggled to extend its rebound; Reserve Bank interest rate decision at 2:30pm AEDT; GQG Partners FUM drops; oil rises. Follow updates here.
Source: FinancialReview - 🏆 2. / 90 Read more »
ASX 200 LIVE: ASX falls; WeWork files for bankruptcy; RBA in focusShares decline at noon as Wall Street struggled to extend its rebound; Reserve Bank interest rate decision at 2:30pm AEDT; GQG Partners FUM drops; oil rises. Follow updates here.
Source: FinancialReview - 🏆 2. / 90 Read more »