WeWork has officially exited bankruptcy. Much of the latest attention has been on leadership change, with former CEO David Tolley stepping down, John Santora, formerly of Cushman & Wakefield, taking the position, and a new board of directors including four out of seven board positions held by people from Yardi Systems.

That isn't surprising given Yardi was heavily involved in recapitalizing the company, providing $337 million of the new financing, and owns a "majority" of WeWork under the court-accepted plan. SoftBank takes 16.5% of the company, a share that could rise to as much as 36%, depending on how some other credit mechanisms are equitized.

But none of this would be possible without other significant expenses being borne by creditors and the landlords who had to negotiate new positions with WeWork.

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