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Flexible office operator Knotel and its U.S. subsidiaries have officially filed for Chapter 11 bankruptcy and will be acquired by an affiliate of Newmark Group.
Additionally, the company has filed a motion for approval of a stalking horse bid agreement with Newmark.
The Newmark affiliate has provided Knotel with a $20 million commitment for debtor-in-possession financing that is awaiting approval, which the office provider hopes will be enough to maintain daily operations during the acquisition process.
Knotel is one of many flexible office firms who have struggled to stay afloat since early last year, when the pandemic swept through the U.S.
“The pandemic created a uniquely challenging operating environment, with significant impacts on leasing velocity and the rate of renewals in key markets, particularly New York and San Francisco,” said Amol Sarva, CEO and cofounder of Knotel.
