WeWork Files For Bankruptcy

Flexible office-space firm WeWork has filed for Chapter 11 bankruptcy protection, listing over $18.6 billion of debts in a remarkable collapse for the once high-flying startup co-founded by Adam Neumann and bankrolled by SoftBank, BlackRock and Goldman Sachs. From a report: The New York-based firm, which raised over $22 billion and was valued at $47 billion at its peak, has listed assets of over $15 billion in the petition it filed in a New Jersey federal court. WeWork chief executive David Tolley said about 90% of the company's lenders have agreed to convert their $3 billion of debt into equity. WeWork's bankruptcy filing is limited to locations in the U.S. and Canada, it said. WeWork India has emerged as one of the strongest units in the WeWork franchise, and is largely insulated from the bankruptcy as majority of it is owned by Embassy Group. The India unit makes money and doesn't need external capital to operate, the India head said in a statement today.

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