wework
New York (AFP) - Embattled flexible workspace provider WeWork is in "selective default" after failing to meet conditions set by debt holders, ratings agency S&P said Wednesday. S&P's statement came a day after WeWork recounted its latest communications with creditors, saying in a securities filing that bond holders had given it a 30-day grace period on October 2 on interest payments. On Tuesday, WeWork said that this forbearance agreement "will terminate in seven days," according to the filing. The filing said WeWork had opted to withhold $6.4 million in interest payments. While WeWork maint...
AFP
San Francisco (AFP) - Embattled office-sharing firm WeWork on Tuesday warned US regulators that it is worried about its survival. Citing financial losses, cash needs, and a drop in memberships, WeWork said in a filing with the Securities and Exchange Commission (SEC) that "substantial doubt exists about the company's ability to continue as a going concern." The fate of the New York-based company depends on the "successful execution of management's plan to improve the company's liquidity and profitability," it said in the filing. WeWork's plan for the year ahead includes restructuring, negotiat...
AFP
New York (AFP) - WeWork announced on Friday it plans to enter public markets through a merger transaction that raises $1.3 billion, valuing the office-sharing firm at a fraction of the sum discussed in its unsuccessful pre-pandemic effort to go public. The move comes two years after the former high-flying office-sharing company went into a spectacular tailspin that led to the canceling of a planned public share offering and a bailout by Japanese investment firm SoftBank. But with changed leadership, WeWork said its "flexible space" model positions the company for the needs of the post-pandemic...
AFP
New York (AFP) - WeWork announced Friday it plans to enter public markets through a merger transaction that raises $1.3 billion for the office-sharing firm. The move comes two years after the former high-flying office-sharing company went into a spectacular tailspin that led to the cancelling of a planned public share offering and a bailout by Japanese investment firm SoftBank. The transaction with BowX Acquisition Corp. is the latest instance in which a prominent company eschews a traditional initial public offering in favor of combining with an entity like BowX that has been specifically est...
AFP
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