WeWork’s collapse into bankruptcy is the culmination of a years-long saga for the company, which was once the biggest office tenant in Manhattan. Its sudden rise and precipitous fall have captivated Wall Street and Silicon Valley alike.
Former high-flying startup WeWork Inc. filed for bankruptcy listing nearly US$19 billion ($25.7 billion) dollars of debts, a fresh low for the co-working company that struggled to recover from the pandemic.
The New York-based company said it had struck a restructuring agreement with creditors representing roughly 92% of its secured notes and would streamline its rental portfolio of office space, according to a statement. The Nov 6 Chapter 11 filing in New Jersey listed assets of US$15 billion.
