{"id":596872,"date":"2023-11-07T07:06:58","date_gmt":"2023-11-07T04:06:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wework-files-for-bankruptcy-the-hill\/"},"modified":"2023-11-07T07:06:58","modified_gmt":"2023-11-07T04:06:58","slug":"wework-files-for-bankruptcy-the-hill","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wework-files-for-bankruptcy-the-hill\/","title":{"rendered":"#WeWork files for bankruptcy | The Hill"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/08\/AP19304691806660-e1691546454968.jpg?w=900\" \/><\/p>\n<div>\n<p>WeWork, an office-sharing company, filed for Chapter 11 bankruptcy on Monday in New Jersey federal court months after the company expressed doubts about its ability to stay in business.\u00a0<\/p>\n<p>WeWork announced the decision\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wework.com\/newsroom\/wework-takes-strategic-action-to-significantly-strengthen-balance-sheet-and-further-streamline-real-estate-footprint\">in a statement<\/a>\u00a0Monday, saying that\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.njb.1105230\/gov.uscourts.njb.1105230.1.0.pdf\">filing for Chapter 11<\/a>\u00a0bankruptcy was part of a \u201ccomprehensive reorganization to strengthen its capital structure and financial performance.\u201d WeWork said that holders that represent 92 percent of its debt have entered a restructuring support agreement with the company.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>\u201cNow is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,\u201d WeWork CEO David Tolley said in a statement. \u201cWe defined a new category of working, and these steps will enable us to remain the global leader in flexible work.\u201d<\/p>\n<p>This only affects WeWork\u2019s U.S. and Canada-based locations, the press release noted.\u00a0<\/p>\n<p>This comes after trading in shares of WeWork was\u00a0halted on Monday\u00a0as costs of its shares plummeted. The Associated Press reported that shares of WeWork could be had Monday for less than $1 \u2014 a shocking drop from when the shares cost more than $400 two years ago.\u00a0<\/p>\n<p>WeWork leases buildings to divide them into smaller spaces to sublet to its members, including freelancers, small businesses, and startups who do not want to pay for a permanent space. However, the company has signaled that it has been struggling in recent months.<\/p>\n<p>\u201cAs a result of the Company\u2019s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company\u2019s ability to continue as a going concern,\u201d Tolley\u00a0said\u00a0in August.\u00a0<\/p>\n<p>The company had gone public in 2021 after initially failing to do so two years earlier. It was forced to delay its initial public offering in 2019 over questions regarding the company\u2019s value and corporate governance.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p><em>The Associated Press contributed.<\/em><\/p>\n<\/div>\n<p>Copyright 2023 Nexstar <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Media<\/a> Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/business\/4296814-wework-files-for-bankruptcy\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WeWork, an office-sharing company, filed for Chapter 11 bankruptcy on Monday in New Jersey federal court months after the company expressed doubts about its ability to stay in business.\u00a0 WeWork announced the decision\u00a0in a statement\u00a0Monday, saying that\u00a0filing for Chapter 11\u00a0bankruptcy was part of a \u201ccomprehensive reorganization to strengthen its capital structure and financial performance.\u201d WeWork&#8230;<\/p>\n","protected":false},"author":1,"featured_media":596873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/08\/AP19304691806660-e1691546454968.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[4978,117,134343,115,72869],"class_list":["post-596872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-business","tag-campaign","tag-news","tag-wework"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/596872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=596872"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/596872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/596873"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=596872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=596872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=596872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}