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WeWork seeks permission to begin canceling leases in bankruptcy

Economic Times

Economic Times · 1y ago

WeWork seeks permission to begin canceling leases in bankruptcy

WeWork has filed for bankruptcy and is seeking permission to start canceling leases as it grapples with the fallout from the pandemic. The co-working space provider has been hit hard by the shift to remote work, with many companies no longer needing office space. WeWork is now looking to shed leases and reduce its real estate footprint to cut costs.

Related News

WeWork considers new bankruptcy loan due to slow progress on rent negotiations

Livemint

Livemint · 1y ago

WeWork considers new bankruptcy loan due to slow progress on rent negotiations

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.

WeWork India's operations remain unaffected, as company files for bankruptcy in the US

Economic Times

Economic Times · 1y ago

WeWork India's operations remain unaffected, as company files for bankruptcy in the US

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.

WeWork India says business not affected by US bankruptcy

Economic Times

Economic Times · 1y ago

WeWork India says business not affected by US bankruptcy

WeWork India has clarified that its business will not be affected by the recent bankruptcy filing of its global parent company, WeWork. The Indian unit, a separate entity backed by Embassy Group, reassured members and stakeholders that it will continue to operate as usual. WeWork India, which has been running profitably since 2021, closed the previous financial year with revenue of Rs 1,400 crore ($168.99 million). The Chapter 11 filing by WeWork in the US is aimed at restructuring debts and leases in order to improve the company's financial condition.

WeWork founder Adam Neumann trying to buy back company

Economic Times

Economic Times · 1y ago

WeWork founder Adam Neumann trying to buy back company

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.

WeWork files for Chapter 11 bankruptcy in New Jersey

Livemint

Livemint · 1y ago

WeWork files for Chapter 11 bankruptcy in New Jersey

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.

There's a new theory that Adam Neumann will buy back WeWork

Medial

Medial · 1y ago

There's a new theory that Adam Neumann will buy back WeWork

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.

VC firm buying into WeWork India as US parent set to exit

VCCircle

VCCircle · 1y ago

VC firm buying into WeWork India as US parent set to exit

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.

WeWork India signs lease agreements for co-working centres in Bengaluru, Hyderabad

Economic Times

Economic Times · 1y ago

WeWork India signs lease agreements for co-working centres in Bengaluru, Hyderabad

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.

SoftBank makes another WeWork bet with debt-equity swap deal

Reuters

Reuters · 1y ago

SoftBank makes another WeWork bet with debt-equity swap deal

WeWork's $3 billion debt-for-equity swap deal with creditors, spearheaded by top shareholder SoftBank, aims to revive the struggling office-space provider. Success depends on WeWork renegotiating costly long-term leases signed during its rapid expansion, which have become a financial burden. SoftBank has already written down most of its WeWork investment over the years, but it had a credit support deal worth $1.1 billion as of end-June, the status of which remains unclear. WeWork's fall from grace marked a cautionary tale for SoftBank founder Masayoshi Son's appetite for risk.

Billionaire Anant Yardi becomes WeWork's majority stakeholder

Inshorts · 1y ago

Billionaire Anant Yardi becomes WeWork's majority stakeholder

Indian-origin Anant Yardi has become WeWork's majority stake owner after a US bankruptcy court approved the shared office space provider's bankruptcy plan, Financial Times reported. Yardi invested over $200 million in WeWork nearly two years ago. He recently committed an additional $337.5 million to counter an offer from ex-CEO Adam Neumann, who sought to regain control.

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