The company WeWork, which provides coworking services, filed for bankruptcy this Monday after its listing on Wall Street was halted.
On the New York Stock Exchange website you can see how WeWork’s listing was suspended for the reason “pending news.”
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“WeWork requests the possibility of terminating the lease contracts of certain premises, the majority of which are not operational and all those affected have been notified in advance,” the American company said in a statement.
Similarly, WeWork explained that it signed a restructuring agreement with to dramatically reduce the company’s existing funded debt.
“During this period, WeWork will further rationalize its commercial office leasing portfolio while focusing on business continuity and providing the best services to its members as global operations are expected to continue,” it added.
During the last few days, information had been generated about a possible bankruptcy. The Wall Street Journal reported last Tuesday that the company planned to file for bankruptcy this week, after which the company’s shares fell 46 percent.
At the close of trading on Friday, WeWork was at a low of 82 cents per share.
According to The Wall Street Journal, the company owes about $10 billion in space rentals through 2027 and has lost about $16 billion since it was founded in 2010.
It has been a spectacular fall for a “start-up” that was valued at $47 billion. After its IPO, in October 2021, its shares stood at almost $600 per share.
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According to The New York Times, the impact of its bankruptcy would be devastating for building owners in cities like New York and London, many of whom have already agreed to reduce the money they charge the company to keep it afloat, and for those who The pandemic and the increase in teleworking have been a hard blow.
With information from EFE
2023-11-07 03:30:29
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