WeWork Raises 'Substantial Doubt' About Its Future

WeWork warned there's "substantial doubt" about its ability to continue operating. The company cited sustained losses and canceled memberships to its office spaces. From a report: The co-working business will focus over the next 12 months on reducing rental costs, negotiating more favorable leases, increasing revenue and raising capital, WeWork said in a statement Tuesday. The warning comes mere months after WeWork struck a deal with some of its biggest creditors and SoftBank to cut its debt load by around $1.5 billion and extend other maturities. Its bonds trade at deeply distressed levels. The company's 7.875% unsecured notes due 2025 last changed hands for 33.5 cents on the dollar, according to data from Trace. The market cap of WeWork, once valued at $47 billion, fell below $300 million on Wednesday.

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