Flexible workspace provider WeWork commenced a comprehensive reorganization to strengthen its capital structure and financial performance. As part of the reorganization plan, WeWork and certain of its entities filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
SoftBank Group extended the maturity date of WeWork’s existing letter of credit facility from Feb. 10, 2023, to Feb. 9, 2024, with total commitments of $1.25 billion.
The Wall Street Journal reported that space sharing company WeWork is seeking to raise between as much as $10 billion through a debt facility before launching its IPO.
The New York Times reported that WeWork, a company that rents office space to freelancers and startups, is seeking a $750 million credit facility.