Flexible office space provider WeWork, previously valued at $47 billion in 2019, has filed for bankruptcy under Chapter 11 of the US Bankruptcy Code. The company has also entered a Restructuring Support Agreement with holders of approximately 92% of its secured notes to reduce existing debt significantly and expedite the restructuring process. The bankruptcy filing is a response to financial challenges that intensified due to the failed attempt to go public five years ago and the impact of the pandemic, leading many firms to terminate their leases. WeWork clarified that its global locations outside the US and Canada, as well as its franchisees worldwide, are not affected by this process. In India, WeWork operates independently of WeWork Global, assuring that their operations will remain unaffected.
WeWork, Once Valued at $47 Billion, Files for Bankruptcy to Address Debt Issues
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2023/11/08073017/wework__-1-860x574.jpg)