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WeWork Seeks Chapter 11 Bankruptcy Protection Amid Financial Struggles
02:57
US
WeWork Seeks Chapter 11 Bankruptcy Protection Amid Financial Struggles
Office-sharing company WeWork has filed for Chapter 11 bankruptcy protection in the US. Valued at 47 billion dollars in 2019 in a round led by SoftBank, the company tried and failed to go public five years ago. It debuted through a special purpose acquisition company in 2021 but has since lost about 98 percent of its value. The company in mid-August announced a 1-for-40 reverse stock split to get its shares trading back above $1, a requirement for keeping its listing on the New York Stock Exchange. The company reported liabilities ranging from 10 billion to 50 billion dollars in its filing, which is limited to its locations in the US and Canada.
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