Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
WeWork Inc.’s stock WE, +5.74% rose 2.7% early Tuesday, after the company said it’s entered a seven-day forbearance agreement with bondholders after a 30-day grace period on the payment of interest expired. The office-sharing company skipped interest payments on some of its bonds in early October to give it time to discuss its options with its lenders and preserve some of its liquidity. The agreement is with creditors who include SoftBank Vision Fund II and Goldman Sachs International Bank.
The company said it would withhold interest payment of about $6.4 million payable in cash on Nov. 1 on its 7.875% notes that mature in 2025. WeWork in August said there was “substantial doubt” about its ability to remain in business. After that disclosure, its stock plunged 24%. WeWork lost $397 million in the second quarter and had $680 million of liquidity at the time. The stock has fallen 95% in the year to date as the company’s finances have deteriorated, while the S&P 500 SPX, +1.
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