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WeWork’s Creditors Are in High-Stakes Negotiation for Control Amid Potential Bankruptcy

WeWork's debt grace period is nearing its end as SoftBank and bondholders are now in high-stakes negotiation for control amid potential bankruptcy.

Emma AscottbyEmma Ascott
October 26, 2023
in News
Reading Time: 1 min read
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WeWork’s Creditors Are in High-Stakes Negotiation for Control Amid Potential Bankruptcy

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WeWork Inc. and its creditors, including top backers SoftBank Group Corp. and bondholders like King Street Capital Management, are in discussions about who will take control of the company as it nears the end of a debt grace period. 

BlackRock Inc. and Brigade Capital Management are also involved in the negotiations. As for a timeline, the restructuring deal could be finalized in the coming weeks and may lead to a bankruptcy filing as soon as November. 

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Discussions revolve around how much debt WeWork can handle and which creditors need to convert their debt into equity. A key part of the plan includes ending and renegotiating many leases and significantly reducing costs. 

The company has been operating under a 30-day grace period after missing interest payments due earlier this month, which expires on October 31.

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As bankruptcy looms, the question remains of who will take control of the troubled coworking giant. 

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Source: Bloomberg
Tags: Business
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Emma Ascott

Emma Ascott

Emma Ascott is a contributing writer for Allwork.Space based in Phoenix, Arizona. She graduated from Walter Cronkite at Arizona State University with a bachelor’s degree in journalism and mass communication in 2021. Emma has written about a multitude of topics, such as the future of work, politics, social justice, money, tech, government meetings, breaking news and healthcare.

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