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Experts view this move as proof that WeWork cannot survive without filing for bankruptcy. According to Reuters, SoftBank, which owns approximately 60% of this company, put forth billions to try and pull it back from the edge.
The newsagent further reported a WeWord spokesperson indicated that roughly 92% of the company’s lenders agreed to turn their secured debts into equity under the proposed reorganisation strategy. This will nullify an estimated $3bn in debt.
David Tolley Source: LinkedIn
As of the end of June, WeWork managed 777 locations globally. In its press statement, WeWork’s chief executive officer (CEO), David Tolley, said:
Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet. I am deeply grateful for the support of our financial stakeholders as we work together to strengthen our capital structure and expedite this process through the Restructuring Support Agreement. We remain committed to investing in our products, services, and world-class team of employees to support our community.
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