BREAKINGVIEWS-WeWork’s big splash ends as a drop in the bucket

Reuters2023-11-08

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Robert Cyran

NEW YORK, Nov 7 (Reuters Breakingviews) - The shared-office company once valued at $47 bln has collapsed, with lenders taking over in bankruptcy. SoftBank and its fund backers will be licking $16 bln of wounds, but communal workspaces are here to stay. And commercial real estate investors have far bigger worries.

Full view will be published shortly.

Follow @rob_cyran on X

CONTEXT NEWS WeWork on Nov. 6 filed for Chapter 11 bankruptcy protection in a New Jersey court, four years after it was valued at $47 billion in a funding round.

The workspace-sharing company said about 92% of its lenders agreed to convert their secured debt into equity, wiping out about $3 billion of debt. WeWork has more than $13 billion of long-term leases and has asked to renegotiate them in bankruptcy. As of June, it had offices in 777 locations worldwide in June.

(Editing by Jeffrey Goldfarb and Aditya Sriwatsav)

((For previous columns by the author, Reuters customers can click on robert.cyran@thomsonreuters.com; Reuters Messaging: robert.cyran.thomsonreuters.com@reuters.net))

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