WeWork Plans To File For Bankruptcy as Early as Next Week

WeWork plans to file for bankruptcy as early as next week, Reuters reported Tuesday, citing a source familiar with the matter, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses. From the report: Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal first reported the news. They have fallen roughly 96% this year. [...] The company had net long-term debt of $2.9 billion as of June end and more than $13 billion in long-term leases, at a time when rising borrowing costs are hurting the commercial real estate sector. WeWork's filing for bankruptcy would mark a stunning reversal of fortune for the company that was privately valued at $47 billion in 2019 and a black spot for investor SoftBank that sunk billions.

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