this post was submitted on 01 Nov 2023
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369
WeWork plans to file for bankruptcy as early as next week, source says (www.reuters.com)
submitted 1 year ago by [email protected] to c/[email protected]
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[–] [email protected] 28 points 1 year ago (1 children)

It's in the article:

New York-based WeWork is considering filing a Chapter 11 petition in New Jersey

[–] [email protected] 8 points 1 year ago (2 children)

And that's the restructuring one? Does that let them escape or decrease their leases?

(Not familiar with American bankruptcy laws(...or any bankruptcy laws))

[–] [email protected] 22 points 1 year ago

Yup, 11 is the restructuring one. Very little will happen automatically, but they will try to renegotiate their leases. In a world where big companies are adjusting to WFH being a norm, though no longer the the norm, this has the feeling of pissing on a house fire. When their Chapter 11 restructuring fails, that's when they'll file for Chapter 7 (liquidation)