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WeWork Inc. is reportedly on the verge of filing for bankruptcy, which may happen early next week. The information was shared on Tuesday, Oct. 31, by a source who knows the matter.
As per Reuters, WeWork is considering Chapter 11 due to its massive debt that has been piling up in addition to its big losses. The firm may file in New Jersey after entering into an agreement with its creditors for the temporary delay of payments for some of its debt. This was made as the grace period is already nearing an end.
WeWork’s Impending Bankruptcy Filing
As of June this year, the company is said to have a long-term debt amounting to $2.9 billion and over $13 billion in long-term leases. Its filing for Chapter 11 bankruptcy protection will show a stunning reversal since WeWork was privately valued at $47 billion in 2019.
It was reported that the company’s troubles started when its plans for IPO collapsed four years ago. The unrest continued, and the events forced it to file for bankruptcy.
Shares Plunged Over News of Chapter 11
The Share price of WeWork has dropped following the report of the upcoming bankruptcy filing. According to Sky News, the stock price of the company plunged to more than a third of its value during the after-hours trading shortly after the Chapter 11 reports came out.
In the extended deal on Tuesday, the stock fell up to 35%. In any case, WeWork could no longer shake off investor concerns related to its business strategy and mounting debt. Thus, the best option is to seek protection via the filing.
Meanwhile, WeWork’s spokesperson only said it would not comment on speculation when asked about the bankruptcy filing next week.
