The startup that opted for shared work spaces filed for Chapter 11 of the bankruptcy law in the United States. Debt that consumed them exceeds US$10,000 million.
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A few years ago it was labeled as one of the most successful emerging companies in the world and was worth US$47 billion, now it has just declared bankruptcy. WeWork, the startup that branched out coworking from its headquarters in the United States, filed for Chapter 11 bankruptcy law.
According to documentation filed by the company in a New Jersey court, WeWork It carries a debt that ranges between US$10,000 million and US$50,000 million.
WeWork has already agreed to its debt restructuring with creditors—who have more than 92% of its notes secured—which includes reducing its commercial lease portfolio while ensuring the continuity of its business.
“We remain committed to investing in our products, services and our team of employees,” the company’s CEO, David Tolley, detailed in the letter.
So, WeWork hopes to continue its operations worldwide and clarified that, despite benefiting from the United States bankruptcy law, its franchises in other countries will not be affected.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
