WeWork reported liabilities of up to $50bn – REUTERS
WeWork, the SoftBank Group-backed start-up that was once a darling of Silicon Valley valued at $47bn (£38.7bn), has filed for bankruptcy in the United States.
The flexible workspace company, whose meteoric rise and fall reshaped the office sector globally, is seeking Chapter 11 bankruptcy protection after its bets on companies using more of its office-sharing space soured.
The move represents an admission by SoftBank, the Japanese technology group that owns about 60pc of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy.
The firm reported liabilities of up to $50bn, according to a bankruptcy filing in a New Jersey court.
The filing gives WeWork some legal protection from creditors as it negotiates more favourable leases with landlords.
“I am deeply grateful for the support of our financial stakeholders as we work together to…
2023-11-06 22:03:21
Article from finance.yahoo.com
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