WeWork files for bankruptcy after failing to recover from Covid-19 losses
1 year, 2 months ago

WeWork files for bankruptcy after failing to recover from Covid-19 losses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. "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," WeWork chief executive David Tolley said. In September, when WeWork announced plans to renegotiate nearly all of its leases, Mr Tolley noted that the company’s lease liabilities accounted for more than two-thirds of its operating expenses for the second quarter of this year – remaining “too high” and “dramatically out of step with current market conditions”. Last month, WeWork skipped hefty interest payments, kicking off a 30-day grace period before an event of default, and last week, the company disclosed a forbearance agreement with bondholders that extended negotiations by one week prior to triggering a default. Despite efforts to turn the company around since Mr Neumann's departure – including significant cuts to operating costs and rising revenue – WeWork has struggled in a commercial real estate market that has been rocked by the rising costs of borrowing money, as well as a shifting dynamic for millions of office workers now checking into their offices remotely.

Company Sign Neumann Wework Mr Tolley Mr Neumann  files  covid19  support  company  companys  recover  market  sign  losses  wework  failing  bankruptcy  mr  tolley  shares  breaking

History of this topic

WeWork has emerged from bankruptcy. What's next for the co-working office space provider?
6 months, 3 weeks ago

WeWork has emerged from bankruptcy. What's next for the co-working office space provider?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Corresponding with Tuesday's announcement about emerging from bankruptcy, WeWork …

WeWork CEO David Tolley steps down as company exits bankruptcy
6 months, 4 weeks ago

WeWork CEO David Tolley steps down as company exits bankruptcy

Hindustan Times  

WeWork CEO David Tolley stepped down after the flexible workspace provider emerged from bankruptcy on Tuesday, bookending a months-long restructuring process that featured a strategy revamp and exits from several locations. The company named commercial real estate industry veteran John Santora as its new top boss. WeWork received approval from a U.S. bankruptcy judge for a restructuring plan late last …

WeWork expects to emerge from bankruptcy by the end of May, predicting $8 bn in rental savings
9 months ago

WeWork expects to emerge from bankruptcy by the end of May, predicting $8 bn in rental savings

Hindustan Times  

Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future rental savings. Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future …

Adam Neumann wants to buy back WeWork. Does WeWork want Adam Neumann?
11 months ago

Adam Neumann wants to buy back WeWork. Does WeWork want Adam Neumann?

Slate  

Adam Neumann’s $47 billion company WeWork was only sort of imaginary. But in the course of Neumann’s management, WeWork hit the skids, Neumann found himself pushed out, and the company’s value had slumped to a paltry $9 billion by the time it went public. One can imagine a natural reason why WeWork’s bankruptcy management team may not want to consider …

Adam Neumann, ousted WeWork founder, wants to buy back the office sharing firm
11 months ago

Adam Neumann, ousted WeWork founder, wants to buy back the office sharing firm

Hindustan Times  

Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. Founder of WeWork Adam Neumann {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} In a Monday letter obtained by The Associated Press, an attorney representing Neumann and Flow Global Holdings said that WeWork's former CEO had partnered up with …

Adam Neumann, ousted founder of WeWork, wants to buy back the office sharing company
11 months ago

Adam Neumann, ousted founder of WeWork, wants to buy back the office sharing company

Associated Press  

NEW YORK — Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. In a Monday letter obtained by The Associated Press, an attorney representing Neumann and Flow Global Holdings said that W eWork’s former CEO had partnered up with capital sources like Dan Loeb’s …

This Time, WeWork Failed Like a Regular Ol’ Company
55 years ago

This Time, WeWork Failed Like a Regular Ol’ Company

Slate  

When WeWork filed for bankruptcy on Monday, one reasonable response was to double-take and remind yourself that WeWork still exists. Back in its days as a private company, WeWork’s value reached $47 billion, thanks to a series of exceptionally ludicrous funding rounds from investment conglomerate SoftBank. When bankers were constructing the company’s initial public offering, they thought about pricing WeWork …

In graphics | What went wrong with Wall Street darling WeWork?
1 year, 2 months ago

In graphics | What went wrong with Wall Street darling WeWork?

Firstpost  

WeWork on Monday filed for bankruptcy; marking a stunning fall for the office-sharing company which was once seen as a Wall Street darling that promised to upend the way people went to work around the world. Here’s a look at its rise and fall SoftBank Group-backed startup WeWork, has filed for Chapter 11 bankruptcy protection after reporting liabilities of $10-$50 …

WeWork's nosedive costs SoftBank billions, damages Masayoshi Son's credibility
1 year, 2 months ago

WeWork's nosedive costs SoftBank billions, damages Masayoshi Son's credibility

Hindustan Times  

WeWork Inc.’s bankruptcy filing caps a years-long saga that revealed breathtaking flaws in the investment style of Japanese billionaire Masayoshi Son, damaging his professional reputation far beyond the money he lost. Son overrode his lieutenants’ objections and handed WeWork founder Adam Neumann billions of dollars from both SoftBank Group Corp. and the Vision Fund, lifting the co-working office space’s valuation …

WeWork bankruptcy: India business will not be impacted in any manner, says WeWork India CEO Karan Virwani
1 year, 2 months ago

WeWork bankruptcy: India business will not be impacted in any manner, says WeWork India CEO Karan Virwani

The Hindu  

Coworking major WeWork India on Tuesday said the Indian business will not be impacted in any manner, as it is not part of the bankruptcy proceedings filed by WeWork Global in the US court. In a statement, WeWork India CEO Karan Virwani asserted that the Indian business is independent from WeWork Global and hence its operations will not be impacted. …

How did $47 billion firm WeWork go bankrupt? What happens to Indian operations?
1 year, 2 months ago

How did $47 billion firm WeWork go bankrupt? What happens to Indian operations?

Firstpost  

WeWork has filed for bankruptcy, marking one of the greatest corporate collapses in recent US history. WeWork chief executive David Tolley said he was “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”. WeWork’s other founder, Adam Neumann, also issued a statement …

WeWork, known as a $47 billion startup once, files for bankruptcy in US
1 year, 2 months ago

WeWork, known as a $47 billion startup once, files for bankruptcy in US

Firstpost  

The New York-based company listed both assets and liabilities in the range of $10 billion to $50 billion in a Chapter 11 petition filed in New Jersey on Tuesday. The filing allows WeWork to keep operating while it works out a plan to repay all its debts Former high-profile startup WeWork Inc. has filed for bankruptcy in the United States …

WeWork seeks bankruptcy protection in stunning fall for a company once valued close to $50 billion
1 year, 2 months ago

WeWork seeks bankruptcy protection in stunning fall for a company once valued close to $50 billion

Associated Press  

NEW YORK — WeWork has filed for Chapter 11 bankruptcy protection, a stunning fall for the office-sharing company that once promised to upend the way people went to work around the world. Despite efforts to turn the company around since Neumann’s departure — including significant cuts to operating costs and rising revenue — WeWork has struggled in a commercial real …

WeWork, once most valuable U.S. startup, files for bankruptcy with liabilities worth $10-$50bn
1 year, 2 months ago

WeWork, once most valuable U.S. startup, files for bankruptcy with liabilities worth $10-$50bn

Hindustan Times  

WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured. "WeWork could use provisions of the U.S. bankruptcy code to rid itself of onerous leases," law firm Cadwalader, Wickersham & Taft LLP said in a note to …

WeWork goes bankrupt, capping co-working company’s downfall
1 year, 2 months ago

WeWork goes bankrupt, capping co-working company’s downfall

Hindustan Times  

Former high-flying startup WeWork Inc. filed for bankruptcy, marking a fresh low for the co-working company that struggled to recover from the pandemic and its failed initial public offering in 2019. WeWork’s real estate footprint sprawled across 777 locations in 39 countries as of June 30, with occupancy near 2019 levels. The company went public in 2021 through a combination …

Once valued at $47 billion, WeWork files for bankruptcy protection in spectacular fall
1 year, 2 months ago

Once valued at $47 billion, WeWork files for bankruptcy protection in spectacular fall

LA Times  

WeWork has filed for Chapter 11 bankruptcy protection, marking a stunning fall for the office-sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world. In a late Monday announcement, WeWork said it had entered into a restructuring support agreement with the majority of its stakeholders to “drastically reduce” …

WeWork files for bankruptcy, co-founder calls the move disappointing
1 year, 2 months ago

WeWork files for bankruptcy, co-founder calls the move disappointing

India Today  

Co-working space provider WeWork has filed for bankruptcy. WeWork files for bankruptcy Just last week, it was reported that WeWork shares fell by nearly 50 per cent and reports of a possible bankruptcy filing had surfaced online. Paying for space consumed 74 per cent of WeWork's revenue in the second quarter of 2023, the report revealed. "As the co-founder of …

WeWork stock halted as rumors swirl about bankruptcy preparations for the office sharing company
1 year, 2 months ago

WeWork stock halted as rumors swirl about bankruptcy preparations for the office sharing company

Associated Press  

NEW YORK — Trading in shares of WeWork were halted Monday as rumors swirl that the office sharing company, once valued as high as $47 billion, will seek bankruptcy protection. A WeWork spokesperson said last week that the company does not comment on speculation and did not immediately return messages after trading in the company’s stock was halted Monday. Despite …

WeWork’s multibillion-dollar rescue couldn’t save it from office bust
1 year, 2 months ago

WeWork’s multibillion-dollar rescue couldn’t save it from office bust

LA Times  

Embattled office-sharing firm WeWork on Aug. 8 warned U.S. regulators that it was in financial peril. When WeWork announced a multibillion-dollar rescue package earlier this year, the company’s management hailed it as a fresh start for the long-struggling global network of shared office spaces. “That means the company is likely to reorganize in Chapter 11 and continue operating in order …

WeWork could file for bankruptcy within days
1 year, 2 months ago

WeWork could file for bankruptcy within days

The Telegraph  

WeWork is reportedly planning on filing for bankruptcy as early as next week. WeWork, which takes long leases from office providers and sublets them on monthly contracts, has lost nearly 98pc of its market value in the past year as people continue to work from home. WeWork, once a darling of Silicon Valley that was valued at $47bn, warned in …

Once worth $47 billion, WeWork shares near zero after bankruptcy warning
1 year, 4 months ago

Once worth $47 billion, WeWork shares near zero after bankruptcy warning

Hindustan Times  

WeWork shares approached zero on Wednesday after the one-time startup darling warned it could go bankrupt in a stunning reversal of fortune for a company that was once privately valued at $47 billion. Since its debut through a blank-check merger in October 2021, WeWork's shares have lost nearly all of their value, and were trading on Wednesday at 13 cents …

WeWork warns there’s ‘substantial doubt’ about its ability to stay in business
1 year, 5 months ago

WeWork warns there’s ‘substantial doubt’ about its ability to stay in business

Associated Press  

NEW YORK — WeWork is warning there’s “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash, among other factors. The New York-based workspace-sharing company said Tuesday that its ability to stay in operation is contingent upon improving its liquidity and profitability over the next 12 months. …

WeWork says it has doubts about its future, business may go bust
1 year, 5 months ago

WeWork says it has doubts about its future, business may go bust

India Today  

WeWork, a company that provides flexible workspaces, is seemingly facing some challenges. This uncertainty led WeWork to issue a "going-concern" warning, which is a notice that public companies issue when they are worried about not having enough funds to cover their expenses over the next year. The company attributed its concerns to several factors, including losses it has incurred, the …

Jared Leto stars as WeWork founder Adam Neumann alongside Anne Hathaway in new trailer for WeCrashed
2 years, 11 months ago

Jared Leto stars as WeWork founder Adam Neumann alongside Anne Hathaway in new trailer for WeCrashed

Daily Mail  

Jared Leto and Anne Hathaway star as Adam and Rebekah Neumann in the dramatic new trailer for WeCrashed which focuses on the incredible rise and fall of their shared workspace startup WeWork. Trouble: Jared Leto and Anne Hathaway star as Adam and Rebekah Neumann in the dramatic new trailer for WeCrashed which focuses on the incredible rise and fall of …

WeWork revives plans to go public, this time with a SPAC deal
3 years, 9 months ago

WeWork revives plans to go public, this time with a SPAC deal

Al Jazeera  

Office-sharing firm WeWork, valued as high as $47bn two years ago, will try again to go public, this time through a special purpose acquisition company merger that values the firm at $9bn. WeWork agreed to sell itself to a blank-check company in a deal to take the troubled office-sharing startup public almost two years after a high-profile failed listing. New …

WeWork sues SoftBank for bailing on $3 billion share buyout agreed to in October
4 years, 9 months ago

WeWork sues SoftBank for bailing on $3 billion share buyout agreed to in October

CNN  

Hong Kong CNN Business — WeWork is suing SoftBank for abandoning a $3 billion share buyoutand accusing the Japanese company of inventing reasons to back out of the plan, as financial pressure mounts and the Covid-19 pandemic worsens. In a lawsuit filed in the Delaware Court of Chancery on Tuesday, the special committee of WeWork’s board said SoftBank and CEO …

WeWork founder Adam Neumann loses out as SoftBank scraps share buyout
4 years, 9 months ago

WeWork founder Adam Neumann loses out as SoftBank scraps share buyout

CNN  

Hong Kong CNN Business — SoftBank is walking away from a sizeable chunk of its WeWork rescue package, which included a near billion dollar windfall for ousted founder Adam Neumann. The about face cuts deep for Neumann — the October agreement had included an offer to buy up to $975 million worth of the WeWork founder’s shares —and is further …

SoftBank threatens to unravel $3-billion WeWork stock deal
4 years, 9 months ago

SoftBank threatens to unravel $3-billion WeWork stock deal

LA Times  

A delay or cancellation of SoftBank’s offer to buy stock in WeWork would cut off a source of income many former and current WeWork employees had been counting on. The WeWork stock purchase was part of a rescue financing from SoftBank after WeWork’s failed initial public offering last year. A delay or cancellation of the offer to buy stock would …

WeWork is laying off 2,400 employees globally after a $9.5 bn bailout by investor SoftBank Group
5 years, 1 month ago

WeWork is laying off 2,400 employees globally after a $9.5 bn bailout by investor SoftBank Group

Firstpost  

The layoffs began weeks ago overseas and continued this week in the United States, WeWork said. WeWork said on Thursday it is laying off around 2,400 employees, almost 20 percent of its workforce, as the office-sharing company seeks to drastically cut costs after it transformed from a Wall Street darling into a pariah in a matter of weeks. The long-anticipated …

WeWork says it’s cutting 2,400 jobs globally
5 years, 1 month ago

WeWork says it’s cutting 2,400 jobs globally

Live Mint  

Long-anticipated layoffs at WeWork have begun, part of the struggling office-sharing company’s plan to cut costs after staggering losses. WeWork said Thursday that the reductions will affect 2,400 employees globally. The job cuts represent almost 20% of the company’s global workforce, which totaled 12,500 as of June 30. “We are grateful for the important roles they have played in building …

WeWork to sell MeetUp, cut jobs in 90-day turnaround plan
5 years, 2 months ago

WeWork to sell MeetUp, cut jobs in 90-day turnaround plan

Associated Press  

NEW YORK — WeWork said Friday it will divest from several side businesses and cut jobs as part of a 90-day plan to turn itself around following its botched attempt to sell stock on Wall Street. The office-sharing company will divest from five non-core businesses, including Meetup, the online community event organizer that WeWork bought in 2017, according to a …

WeWork fires 13 employees for policy violations, says chairman
5 years, 2 months ago

WeWork fires 13 employees for policy violations, says chairman

Live Mint  

WeWork said it fired 13 employees accused of violating company policies, the first major action since SoftBank Group Corp. took a majority stake in the troubled co-working business. The dismissals affected workers in business regions encompassing Canada, Israel, Latin America and the U.S., according to an email to staff from Marcelo Claure, the WeWork chairman and a SoftBank executive, sent …

Timeline of WeWork's rise and fall
5 years, 2 months ago

Timeline of WeWork's rise and fall

Daily Mail  

A man walks past the logo of WeWork in Tokyo on May 18 2010: Israeli-born Adam Neumann and American-born Miguel McKelvey found WeWork with its first co-working location in Manhattan's SoHo neighborhood. September 13, 2019: WeWork announces changes to the company's governance, including the ability for the board of directors to pick any new CEO despite Neumann's majority voting rights. …

SoftBank's takeover represents a stunning reversal of fortune for WeWork
5 years, 2 months ago

SoftBank's takeover represents a stunning reversal of fortune for WeWork

Firstpost  

To stem WeWork’s bleeding, SoftBank will need to reverse its losses and find a way to make it profitable. The bailout comes as SoftBank Chief Executive Masayoshi Son is seeking to convince investors to participate in the Japanese company’s second mammoth Vision Fund, for which he is seeking to raise $108 billion. All of the Vision Fund’s interests in regional …

WeWork co-founder pushed aside in $5B SoftBank takeover
5 years, 2 months ago

WeWork co-founder pushed aside in $5B SoftBank takeover

Associated Press  

NEW YORK — WeWork is accepting a financial rescue package that hands control of the company to Japanese tech giant SoftBank and pushes aside co-founder Adam Neumann and his grandiose vision of changing the world through communal working. WeWork said in a statement that Japanese tech conglomerate SoftBank will infuse the We Company with more than $5 billion in urgently …

WeWork bailout: SoftBank will own most of the company as Adam Neumann gets big payout
5 years, 2 months ago

WeWork bailout: SoftBank will own most of the company as Adam Neumann gets big payout

CNN  

Hong Kong CNN Business — SoftBank is bailing out WeWork in a deal that will give the Japanese tech company almost total ownership of the troubled office space startup. SoftBank, which is already WeWork’s largest investor, is also offering to buy up to $3 billion worth of stock from existing investors and shareholders. SoftBank’s Vision Fund will also exchange all …

SoftBank takes control of WeWork as Adam Neumann pockets $1.7bn exit package
5 years, 2 months ago

SoftBank takes control of WeWork as Adam Neumann pockets $1.7bn exit package

The Telegraph  

WeWork's ousted founder Adam Neumann will land a $1.7bn pay day as part of a rescue deal from investor SoftBank - while thousands of the company's ordinary staff face an uncertain future. Mr Neumann will be given a $185m consulting fee and will also sell $1bn of stock to SoftBank, and will also get $500m in credit so he can …

WeWork takeover by SoftBank includes $1.7 billion payout for former CEO: report
5 years, 2 months ago

WeWork takeover by SoftBank includes $1.7 billion payout for former CEO: report

CNN  

New York CNN Business — WeWork co-founder Adam Neumann will reportedly get a significant payout under a deal in which SoftBank will take control of the troubled company. The New York Times reported the plan indicates Neumann can sell up to $1 billion in stock but he must use those proceeds to pay back the $500 million loan. News of …

SoftBank plans $5 billion rescue financing for WeWork
5 years, 2 months ago

SoftBank plans $5 billion rescue financing for WeWork

Live Mint  

SoftBank Group Corp. is in discussions to provide WeWork with roughly $5 billion of rescue financing in an effort to salvage one of the Japanese conglomerate’s biggest investments. WeWork, reeling in the past few weeks since parent We Co. scrapped its initial public offering, and in danger of running out of cash as early as next month, has been pursuing …

WeWork is postponing its IPO
5 years, 3 months ago

WeWork is postponing its IPO

CNN  

New York CNN Business — WeWork’s parent company is postponing its plan to go public following a disastrous IPO attempt that resulted in its CEO stepping down. “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” The We Company’s new co-CEOs, Artie Minson and Sebastian Gunningham, said in a statement …

WeWork files for IPO after losing $1.9 billion last year
5 years, 4 months ago

WeWork files for IPO after losing $1.9 billion last year

CNN  

New York CNN Business — Money-losing tech companies like Uber and Lyft have struggled to win over investors since going public earlier this year. The company plans to list under the symbol “WE.” The company is moving forward with its plans to go public despite losing a staggering $1.9 billion last year, according to its IPO prospectus, an unprecedented amount …

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