WeWork, the queen of coworking that was once valued at 47 billion, declares bankruptcy

by archynewsy
0 comment

The American Coworking Company WeWork declared bankruptcy this Monday, after years of financial problems that led it to incur a debt of more than 10,000 million dollars (about 9,340 million euros).

In a statement, the company announced this Tuesday its decision to file for Chapter 11 of the United States bankruptcy law before a court in New Jersey.

According to documents presented to the Court, the company, founded in 2010 by the Israeli businessman Adam Neumann, It has a debt that is between 10,000 and 50,000 million dollars.

WeWork detailed that it has already entered into a debt restructuring agreement with creditors that have more than 92% of its notes secured, which includes reducing its commercial lease portfolio, while focusing on “the continuity of its business,” according to the statement collected by Efe.

“We remain committed to investing in our products, services and our team of employees,” said the company’s CEO. David Tolley, in the writing.

Related Posts

Leave a Comment