WeWork Goes Bankrupt, Signs Pact With Creditors to Cut Debt
- Company reached restructuring deal with SoftBank, creditors
- The Chapter 11 filing lists nearly $19 billion of debts
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WeWork Inc. filed for bankruptcy, capping a tumultuous period that saw the once high-flying startup navigate a failed initial public offering, Covid-19 lockdowns, a blank-check merger and slow return-to-office trends.
The company — which at its 2019 peak commanded a $47 billion valuation — listed $19 billion of liabilities and $15 billion of assets in its bankruptcy petition in New Jersey on Monday. The Chapter 11 filing allows WeWork to continue operating while working out creditor repayment terms.