WeWork has filed for Chapter 11 bankruptcy protection. [CutID: <Cuts> WEWORK-BANKRUPTCY-house-q-TUEam.mp3 Time: 23s Title: WEWORK-BANKRUPTCY-house-q-TUEam Out-cue: office lease portfolio] TAG: Correspondent Jeremy House reporting. WeWork added that it was requesting the ability to cancel leases in particular locations that WeWork described as largely non-operational as part of its filing. All affected members have received advanced […]
Audio
WeWork seeks bankruptcy protection
WeWork has filed for Chapter 11 bankruptcy protection.
[CutID: <Cuts> WEWORK-BANKRUPTCY-house-q-TUEam.mp3
Time: 23s
Title: WEWORK-BANKRUPTCY-house-q-TUEam
Out-cue: office lease portfolio]
TAG: Correspondent Jeremy House reporting. WeWork added that it was requesting the ability to cancel leases in particular locations that WeWork described as largely non-operational as part of its filing. All affected members have received advanced notice.
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VERBATIM: The filing marks a stunning fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world. WeWork said it entered into a restructuring support agreement with the majority of its stakeholders to “drastically reduce” the company’s debt. Officials will further evaluate WeWork’s commercial office lease portfolio.