As rumored it would, WeWork has filed for Chapter 11 bankruptcy protection in New Jersey. It has struck an agreement with 92% of its creditors that hold its secured debt that includes restructuring its more than $13 billion in lease obligations and converting $3 billion of existing loans and bonds into equity. 

“Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” said CEO David Tolley, in prepared comments. “We remain committed to investing in our products, services, and world-class team of employees to support our community.”

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Erika Morphy

GlobeSt

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