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News on Medial
WeWork considers new bankruptcy loan due to slow progress on rent negotiations
Livemint
·
1y ago
Medial
WeWork is considering obtaining a new bankruptcy loan as negotiations with landlords over rent reductions have been progressing slower than anticipated. Landlords expressed their frustration with the company's "hardball tactics" and emphasized that bankruptcy law requires rent payments for properties still in use. WeWork attorney Steven Serajeddini acknowledged the initial failure of negotiations but highlighted the recent success after withholding $33 million in January rent. If the company rejects leases, it must also vacate the properties, according to landlord attorney Ivan Gold. WeWork filed for bankruptcy in November due to significant losses amid the pandemic.
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WeWork founder Adam Neumann trying to buy back company
Economic Times
·
1y ago
Medial
WeWork founder Adam Neumann is attempting to repurchase the flexible workspace provider after its bankruptcy filing in November. His new real estate company, Flow Global, is pursuing the acquisition of WeWork or its assets, along with offering bankruptcy financing to support its revival, as reported by CNBC citing DealBook.
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WeWork files for Chapter 11 bankruptcy in New Jersey
Livemint
·
1y ago
Medial
Co-working giant WeWork has officially filed for Chapter 11 bankruptcy in New Jersey, according to a report by Bloomberg. The troubled company is expected to submit its bankruptcy petition next week.
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With deadline looming, details of a potential TikTok deal emerge
Economic Times
·
3m ago
Medial
With the deadline for TikTok's sale or US ban approaching, negotiations shape a potential deal. The Trump administration considers a plan to spin off TikTok into a new company, involving American investors to reduce Chinese ownership. Despite TikTok's significant user base, selling faces challenges, including Chinese government resistance. Trump hints at using TikTok in tariff negotiations with China. Congress's stance on a non-sale deal remains uncertain. An announcement is expected soon.
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WeWork India signs lease agreements for co-working centres in Bengaluru, Hyderabad
Economic Times
·
1y ago
Medial
WeWork India has leased 2.72 lakh sq ft of office space in Bengaluru and Hyderabad to open two new co-working centres with around 4,000 desks. The company is expanding in South India and has signed lease agreements for Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad. WeWork India has grown its portfolio to over 6.5 million sq ft across 50 locations in various cities in India. The Indian business is not affected by the bankruptcy proceedings of WeWork Global.
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There's a new theory that Adam Neumann will buy back WeWork
Medial
·
1y ago
Medial
Speculation is circulating that WeWork founder Adam Neumann may consider buying back the company after it filed for bankruptcy. WeWork, once valued at $47 billion, faced a significant decline in value during its failed public filing and was further impacted by the pandemic. Insiders suggest that Neumann, well-capitalized and possibly backed by real investors, might reacquire the company. Neumann, who left WeWork with substantial wealth, has not officially commented on the matter. Observers note his expressed disappointment from the sidelines and his belief in WeWork's potential reorganization. The situation remains speculative amid the company's bankruptcy proceedings.
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WeWork India renews lease on 1.4 lakh sq ft space in Goregaon East, Mumbai
Money Control
·
11m ago
Medial
WeWork India has renewed its lease on a 140,000 sq ft space from Nesco at its Goregaon East office complex for five years. The lease agreement, effective from August 1, includes a rent of INR 162 per sq ft per month, amounting to a total of INR 27 crore per year. The agreement also includes two escalations in 2025 and 2028. WeWork India, majority-owned by Embassy Group, operates independently from WeWork Inc and manages around 8 million sq ft of office spaces across multiple cities in India. Embassy Group plans to make WeWork India public in the next two years.
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WeWork plans to file for bankruptcy as early as next week
Economic Times
·
1y ago
Medial
WeWork, the troubled office-space rental company, is reportedly considering filing for bankruptcy as early as next week. The move comes after the company's failed attempt to go public last year and a subsequent bailout by its largest investor, SoftBank. WeWork's financial woes have been exacerbated by the COVID-19 pandemic, as the demand for office space plummeted due to remote working trends.
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VC firm buying into WeWork India as US parent set to exit
VCCircle
·
1y ago
Medial
An Indian venture capital firm is acquiring a minority stake in WeWork India, as the US parent company prepares to exit. This comes after WeWork Inc., the US parent, filed for bankruptcy earlier this year. The two-stage transaction will involve the venture capital firm buying the stake and the US parent selling its holding. WeWork India will continue its operations with support from the Indian venture capital firm.
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WeWork India's operations remain unaffected, as company files for bankruptcy in the US
Economic Times
·
1y ago
Medial
WeWork has filed for bankruptcy in the US and Canada, with a valuation of just $45 million compared to its previous valuation of $47 billion. However, WeWork India stated that its operations will not be affected by this filing, as it operates independently from WeWork Global. WeWork's franchisees worldwide are also not impacted. The company plans to restructure its debts and leases in the US and Canada while continuing its business operations.
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Credit growth takes a beating in first quarter
Economic Times
·
8d ago
Medial
In the June quarter, Indian banks experienced slow credit growth, with private lenders growing at less than half of the previous year's rate. HDFC Bank, for instance, saw a loan book expansion of just 6.7%, a decrease from 14.9% the previous year. Public sector banks fared slightly better due to aggressive loan pricing. The slowdown is attributed to corporations accessing capital markets for cheaper funds, resulting in a surge in resource mobilization and reduced reliance on bank credit.
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