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WeWork’s Missed Payments Have Consequences

WeWork’s credit rating was downgraded again, following the company’s announcement to withhold $95 million in interest payments.

Dominic CatacorabyDominic Catacora
October 11, 2023
in News
Reading Time: 1 min read
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WeWork’s Missed Payments Have Consequences

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After WeWork opted to not to make a $95 million interest payment, Fitch Ratings downgraded WeWork’s credit rating from CC to C.  

This move by Fitch suggests that a “default-like” process has already commenced for WeWork, as reported by the The Real Deal. The company’s decision to hold payments was reportedly not due to a lack of funds, but was intended as a strategic decision to initiate negotiations with lenders. However, this tactic was not well-received by investors — leading to a 28% drop in WeWork’s share price within a month.  

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WeWork’s financial moves and struggles are under the attentive watch of stock traders, landlords, and rival coworking operators. 

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Source: The Real Deal
Tags: CREInvestment
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Dominic Catacora

Dominic Catacora

Dominic Catacora is a Staff Writer for Allwork.space. He is based in Pittsburgh, PA. He graduated from Radford University in 2017 with a Bachelor of Science degree in Media Studies - Journalism. He has previously covered the Historic Triangle as a journalist living in Williamsburg, Va, and is now focused on writing related to the future of work.

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