WeWork Calls In Restructuring Advisors

WeWork is taking new steps to avoid filing Chapter 11 bankruptcy by bringing in advisors to help with a restructuring, Bloomberg News reported on Wednesday citing people familiar with the matter.

The company has re-engaged law firm Kirkland & Ellis, consultant Alvarez & Marsal and hired real estate advisor Hilco Global for advice on its available options. WeWork also added four restructuring specialists — Paul Aronzon, Paul Keglevic, Elizabeth LaPuma and Henry Miller — to its board earlier this month, according to Bloomberg News.

The goal is to restructure its debts outside of court, but that depends largely on its ability to deal with a long list of leases in expensive markets.