WeWork in August said there was ‘substantial doubt’ about its ability to stay in business
WeWork Inc. WE, -11.63%, the once-hot shared office space provider, is planning to file for bankruptcy, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The company, which could file as soon as next week, was weighing filing for chapter 11 in New Jersey, the Journal said. Shares plunged 34.2% after hours on Tuesday.
The move would come after the onetime IPO hopeful’s market value reached as high at $47 billion. But in 2019 the company shelved plans to go public amid questions about its finances, governance and company structure. WeWork missed interest payments to bondholders on Oct. 2, beginning a 30-day grace period, the Journal said on Tuesday. The company on Tuesday said its bondholders gave it another seven days to negotiate before a default, the Journal said.
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WeWork plans to file for bankruptcy, Wall Street Journal reportsBill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.
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WeWork to file for bankruptcy after once being valued at $47B: reportShares of WeWork fell 30% in extended trading after the Wall Street Journal first reported the news. They have fallen roughly 96% this year.
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WeWork to withhold interest payment on some notesDebt-laden WeWork (WE.N) said on Tuesday it has decided to withhold interest payment of about $6.4 million on some of its notes as the flexible workspace provider looks to improve its balance sheet.
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WeWork to withhold interest payment on some notesWeWork to withhold interest payment on some notes
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