WeWork, the once high-flying flexible office-space company co-founded by Adam Neumann and backed by major investors like SoftBank, BlackRock, and Goldman Sachs, has filed for Chapter 11 bankruptcy protection. This remarkable collapse comes after a period of aggressive growth, during which WeWork raised over $22 billion and reached a peak valuation of $47 billion. The company is listing debts of over $18.6 billion and assets of over $15 billion in its bankruptcy petition.
David Tolley, WeWork’s CEO, has stated that about 90% of the company’s lenders have agreed to convert $3 billion of debt into equity. The bankruptcy filing is limited to WeWork’s locations in the U.S. and Canada.
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WeWork