WeWork, which is an office-sharing company, filed for bankruptcy protection under Chapter 11 at the federal court, back on Monday. They claimed that they had entered agreements with the vast majority of their note holders and they fully intended to trim down the leases that were non-operational.
This filing of bankruptcy is only limited to the locations of WeWork in Canada and the U.S. – their company claimed this in a press release. Reportedly, their company has a total debt of $18.65Bn against their current total assets of $15.06Bn in the initial filing.
The company of WeWork has also suffered a major corporate collapse in the recent history of the United States, over the past few years.
The pandemic of COVID – 19 has also further caused damage to a lot of companies and caused most of them to lose their leases.
The Former CEO and Co-Founder of WeWork has said that such a filing is very “disappointing”.
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