WeWork - one of the world's largest flexible working space company
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Bankrupt WeWork Receives United States Court Restructuring Approval & Pending Creditors Approval, $450 Million New Financing Including $337 Million from Vendor & Creditor Yardi Systems & $113 Million from Hedge Funds Group, New Valuation at Around $750 Million, WeWork IPO SPAC Merger in 2021 at $9 Billion Valuation, Highest WeWork Valuation Pre-COVID was at $47 Billion, Yardi Systems Owns 60% of Restructured WeWork, Hedge Funds Group 20%, SoftBank & Remaining Holders of $4 Billion Debts to Own 20%

10th May 2024 | Hong Kong

Bankrupt WeWork has received the United States court restructuring approval and is now pending creditors approval.   WeWork will receive $450 million in new financing including $337 million from vendor & creditor Yardi Systems and $113 million from a hedge funds group.  WeWork new valuation is at around $750 million.  WeWork IPO SPAC merger in 2021 was at $9 billion valuation, and the highest WeWork valuation pre-COVID was at $47 billion.  Yardi Systems will own 60% of the restructured WeWork, the Hedge Funds group will own 20%, and SoftBank & remaining holders of $4 billion debts to own 20% of WeWork.  In March 2024, WeWork founder Adam Neumann & investors submitted a more than $500 million bid to buy bankrupted WeWork.  In February 2024, SoftBank took full ownership of WeWork Japan with expected completion of business transfer in 2024 April.  In November 2023, WeWork (United States & Canada) had filed for Chapter 11 Bankruptcy Protection (6/11/23) with $4 billion in debt & $164 million in cash, has secured $682.5 million in debtor financing including from Goldman Sachs, JP Morgan & SoftBank Vision Fund 2 (Regulatory filing: 15/11/23).  On 6th November 2023, WeWork (United States & Canada) filed for Chapter 11 Bankruptcy Protection including to reject office leases of locations which are largely non-operational.  WeWork ($9 billion IPO SPAC merger in 2021), traded at $44 million to $64 million market value before the bankruptcy filing (6/11/23).  Earlier in November 2023, WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 was trading at $44 million market value with reports of Chapter 11 bankruptcy possibility.   In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting).   Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue.  A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets.  In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.  More info below:

“ Bankrupt WeWork Receives United States Court Restructuring Approval & Pending Creditors Approval, $450 Million New Financing Including $337 Million from Vendor & Creditor Yardi Systems & $113 Million from Hedge Funds Group, New Valuation at Around $750 Million, WeWork IPO SPAC Merger in 2021 at $9 Billion Valuation, Highest WeWork Valuation Pre-COVID was at $47 Billion, Yardi Systems Owns 60% of Restructured WeWork, Hedge Funds Group 20%, SoftBank & Remaining Holders of $4 Billion Debts to Own 20% “

 



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WeWork Founder Adam Neumann & Investors Submitted More than $500 Million Bid to Buy Bankrupted WeWork, SoftBank Took Full Ownership of WeWork Japan, Filed for Chapter 11 Bankruptcy Protection in Early November 2023 with $4 Billion in Debt & $164 Million in Cash

WeWork – one of the world’s largest flexible working space company

29th March 2024 – WeWork founder Adam Neumann & investors have submitted a more than $500 million bid to buy bankrupted WeWork.  In February 2024, SoftBank took full ownership of WeWork Japan with expected completion of business transfer in 2024 April.  In November 2023, WeWork (United States & Canada) had filed for Chapter 11 Bankruptcy Protection (6/11/23) with $4 billion in debt & $164 million in cash, has secured $682.5 million in debtor financing including from Goldman Sachs, JP Morgan & SoftBank Vision Fund 2 (Regulatory filing: 15/11/23).  On 6th November 2023, WeWork (United States & Canada) filed for Chapter 11 Bankruptcy Protection including to reject office leases of locations which are largely non-operational.  WeWork ($9 billion IPO SPAC merger in 2021), traded at $44 million to $64 million market value before the bankruptcy filing (6/11/23).  Earlier in November 2023, WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 was trading at $44 million market value with reports of Chapter 11 bankruptcy possibility.   In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting).   Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue.  A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets.  In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.  More info below:

 

 

SoftBank Takes Full Ownership of WeWork Japan, Filed for Chapter 11 Bankruptcy Protection in Early November 2023 with $4 Billion in Debt & $164 Million in Cash

WeWork – one of the world’s largest flexible working space company

12th February 2024 – SoftBank has taken full ownership of WeWork Japan with expected completion of business transfer in 2024 AprilIn November 2023, WeWork (United States & Canada) had filed for Chapter 11 Bankruptcy Protection (6/11/23) with $4 billion in debt & $164 million in cash, has secured $682.5 million in debtor financing including from Goldman Sachs, JP Morgan & SoftBank Vision Fund 2 (Regulatory filing: 15/11/23).  On 6th November 2023, WeWork (United States & Canada) filed for Chapter 11 Bankruptcy Protection including to reject office leases of locations which are largely non-operational.  WeWork ($9 billion IPO SPAC merger in 2021), traded at $44 million to $64 million market value before the bankruptcy filing (6/11/23).  Earlier in November 2023, WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 was trading at $44 million market value with reports of Chapter 11 bankruptcy possibility.   In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting).   Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue.  A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets.  In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.  More info below:

 

 

WeWork Secures $682.5 Million in Debtor Financing Including from Goldman Sachs, JP Morgan & SoftBank Vision Fund 2, Filed for Chapter 11 Bankruptcy Protection in Early November 2023 with $4 Billion in Debt & $164 Million in Cash

WeWork – one of the world’s largest flexible working space company

23rd November 2023 – WeWork (United States & Canada) which had filed for Chapter 11 Bankruptcy Protection (6/11/23) with $4 billion in debt & $164 million in cash, has secured $682.5 million in debtor financing including from Goldman Sachs, JP Morgan & SoftBank Vision Fund 2 (Regulatory filing: 15/11/23).  On 6th November 2023, WeWork (United States & Canada) filed for Chapter 11 Bankruptcy Protection including to reject office leases of locations which are largely non-operational.  WeWork ($9 billion IPO SPAC merger in 2021), traded at $44 million to $64 million market value before the bankruptcy filing (6/11/23).  Earlier in November 2023, WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 was trading at $44 million market value with reports of Chapter 11 bankruptcy possibility.   In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting).   Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue.  A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets.  In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.  More info below:

 

 

WeWork United States & Canada Files for Chapter 11 Bankruptcy Protection Including to Reject Office Leases of Locations Which are Largely Non-Operational, WeWork $9 Billion IPO SPAC Merger in 2021 Traded at $44 Million to $64 Million Market Value Before Bankruptcy Filing

WeWork – one of the world’s largest flexible working space company

10th November 2023 – WeWork (United States & Canada) has filed for Chapter 11 Bankruptcy Protection including to reject office leases of locations which are largely non-operational.  WeWork ($9 billion IPO SPAC merger in 2021), traded at $44 million to $64 million market value before the bankruptcy filing (6/11/23).  Earlier in November 2023, WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 was trading at $44 million market value with reports of Chapter 11 bankruptcy possibility.   In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting).   Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue.  A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets.  In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.  More info below:

 

 

WeWork $9 Billion IPO SPAC Merger in 2021 Currently Trading at $44 Million Market Value with Reports of Chapter 11 Bankruptcy Possibility

WeWork – one of the world’s largest flexible working space company

4th November 2023 – WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 is currently trading at $44 million market value with reports of Chapter 11 bankruptcy possibility.   In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting).   Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue.  A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets.  In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.  More info below:

 

 

WeWork Trading at $0.14 Files for 1-for-40 Reverse Stock Split to Maintain NYSE Listing Requirement of $1 Per Share, Market Value at $298 Million after $9 Billion IPO SPAC Merger in 2021

WeWork – one of the world’s largest flexible working space company

18th August 2023 – WeWork trading at $0.14 (18/8/23) has filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting), with WeWork current market value at $298 million (18/8/23) after a $9 billion IPO SPAC Merger in 2021 (Special Purpose Acquisition Company).  Earlier in August 2023, WeWork had submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue.  A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets.  In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.

 

 

WeWork $9 Billion IPO SPAC Merger in 2021 Currently Trading at $431 Million Market Value & Facing Restructuring Possibility, Submits Filing to United States SEC Including Statement on Company Ability to Continue

WeWork – one of the world’s largest flexible working space company

11th August 2023 – WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 is currently trading at $431 million market value & facing restructuring possibility.  WeWork had submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue.  A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets.  In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.

 

 

WeWork Goes Public at $9 Billion Valuation with SPAC Merger

26th March 2021 – company based in New York, is going public at a $9 billion valuation in a merger with Special Purpose Acquisition Company (SPAC), BowX Acquisition Corp.  The SPAC merger will raise $1.3 billion for WeWork with the merger expecting to close by Q3 2021.

SPAC (Special Purpose Acquisition Company) is also popularly referred to as a blank cheque company, that allows the listed company without any existing businesses to raise capital through an IPO (initial public offering), and thereafter use the capital to invest into companies.

 

WeWork to Receive $1.3 Billion

WeWork – one of the world’s largest flexible working space company

With the merger, WeWork will receive approximately $1.3 billion, with $483 million of cash from BowX and a fully committed $800 million private placement investment with key investors including Insight Partners, funds managed by Starwood Capital Group, Fidelity Centaurus Capital, and funds and accounts managed by BlackRock

In October 2020, BowX Acquisition Corp had gone public on NASDAQ and raised $420 million.

The merger is expected to be completed by Q3 2021.  The combined company will have approximately $1.9 billion of cash on the balance sheet and total liquidity of $2.4 billion, including a $550 million senior secured notes facility provided by SoftBank Group.

 

WeWork 

WeWork – one of the world’s largest flexible working space company

WeWork was co-founded by Adam Neumann in 2010 in New York, United States.  The flexible office space company was later backed by one of the largest and prominent investor in the world, SoftBank Group.  In 2019, the proposed and later aborted IPO had valued WeWork at more than $40 billion.  Shortly after the aborted IPO, co-founder Adam Neumann stepped down as CEO.

Today, WeWork is led by CEO Sandeep Mathrani and WeWork is in 851 locations in 152 cities with more than 1 million workstations worldwide.  In 2020, excluding China, WeWork recorded revenue of $3.2 billion.

 

Related:

 

Video – CNBC: WeWork CEO

 

Video – Bloomberg: Rise & Fall of WeWork

 




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