WeWork Cleared to Exit Bankruptcy, Shedding Neumann Legacy
- WeWork to convert billions in debt to shares for creditors
- Reorganized workspace company worth a fraction of peak value
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WeWork Inc. won bankruptcy court approval to shed billions in debt, drop unprofitable leases from its office workspace portfolio and leave behind the legacy of co-founder Adam Neumann.
US Bankruptcy Judge John K. Sherwood on Thursday said he’d approve the co-working company’s restructuring plan, clearing WeWork’s path to exiting bankruptcy under the ownership of its senior lenders.