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Newmark Acquiring Knotel
Tags: BUSINESS

Newmark Is One Step Closer To Acquiring Knotel

On Friday, the flexible workspace operator Knotel was to be sold in an auction, but no other qualified bidders submitted an offer. This made Newmark the winner after it had already established a $70 million stalking-horse bid prior to the auction. 

Newmark provided Knotel with nearly $20 million as debtor-in-possession financing.

However, the acquisition is still waiting to be approved by the U.S. Bankruptcy Court for the District of Delaware, which is hearing the sale on March 18.

Knotel filed for Chapter 11 bankruptcy earlier this year after months of struggling throughout the pandemic and facing numerous lawsuits by landlords claiming the company had stopped paying rent.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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