WeWork plans to file for bankruptcy, WSJ reports

WeWork Inc. is planning to potentially file for Chapter 11 bankruptcy as early as next week, as reported by the Wall Street Journal on Tuesday.The company was valued at a staggering $47 billion during the last startup boom, but has had a difficult time since, culminating in their disastrous attempt at an IPO and the challenges presented by the pandemic.A spokesperson for the company pointed to Tuesday’s filing that revealed they had entered a forbearance agreement with their creditors. This agreement will give them 7 days to continue and strengthen conversations with their stakeholders, and create a better capital structure.WeWork have always had a distinct vision and the spokesperson further added that the company will continue to strive for that in the future.WeWork was established in 2010, just when the venture capital market was booming, and has been blessed with a charismatic pitchman in Adam Neumann. It has since raised billions of dollars, and grown rapidly, often doubling their revenue each year. Their reach has spread across the globe, allowing them to enter ambitious ventures such as WeGrow, WeLive, and Rise By We.According to the report, WeWork may submit its Chapter 11 petition in New Jersey. Despite their impending bankruptcy, other companies in the industry such as CICT and CDL remain unaffected.WeWork Inc. is looking to file for bankruptcy under Chapter 11 as soon as next week, according to the Wall Street Journal. The company had experienced tremendous success since 2010, thanks to their charismatic pitchman, Adam Neumann, and soon enough it had reached a valuation of US$47 billion. However, their attempts at an Initial Public Offering, and the impact of the pandemic on their co-working model, caused it to come tumbling down.

In response to the speculation, the company stated that it had entered a forbearance agreement with their creditors, giving them seven days to continue “positive conversations” with their financial stakeholders and implementing strategic steps towards improving their capital structure. The company also said that they have a clear, long-term vision, and remain hopeful for the future.

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The initial market boom allowed it to raise billions of dollars, and doubled their revenue each year. In addition, it operated offices around the world and ventured into a number of different projects, from a private elementary school called WeGrow to two residential buildings called WeLive, and a gym concept called Rise by We.

According to the report, the Chapter 11 petition will be submitted in New Jersey. Fortunately, other companies in the industry such as CICT and CDL remain unaffected by this bankruptcy. It just goes to show how diverse and resilient the industry can be. As for WeWork, they are sure to use this opportunity to create a more secure and prosperous future.