WeWork creditors pressure firm to engage potential buyers in negotiations

seekingalpha04-23

A panel of lower-ranking creditors demanded WeWork (OTC:WEWKQ) to negotiate with potential buyers, including the shared office space provider's co-founder Adam Neumann, according to a Monday court ...

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In addition to engaging potential buyers in negotiations, the company should be given a 30-day deadline to formulate a plan to exit bankruptcy, they added. WeWork (OTC:WEWKQ) said at the start of April that is expects to emerge from Chapter 11 in the U.S. and Canada by May 31, having negotiated more than $8B in future rental savings. WeWork's (OTC:WEWKQ) restructuring efforts have hit a standstill, the filing said, as their financial flexibility diminishes, largely due to their failure to meet almost all the deadlines outlined in a provisional agreement with lenders and longtime backer SoftBank (OTCPK:SFTBY) (OTCPK:SFTBF). “Worse and at the same time, the debtors continue to ignore potential alternative solutions, including those that could provide more meaningful recoveries to the debtors’ constituents and preserve the business as a going concern,\" the committee of unsecured creditors wrote. The Wall Street Journal reported in March that Neumann, who stepped down as CEO and gave up his majority voting control in September 2019, had made a more than $500M bid to buy back his company.  More on WeWork  WeWork sees emergence from Chapter 11 bankruptcy by May's end WeWork founder and former CEO Adam Neumann makes bid for company Financial information for WeWork","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429719019"}