Regus Shared Office Space Units File for Bankruptcy Protection

RGN-Group Holdings filed for bankruptcy, becoming the latest U.S. subsidiary of co-working space provider IWG Plc to seek court protection from creditors because of the pandemic.

• RGN and its affiliates owe IWG’s Regus unit about $433 million according to court papers filed in U.S. Bankruptcy court in Wilmington, Delaware
• The companies have applied to use new bankruptcy rules typically reserved for small businesses according to court papers; Subchapter V of the bankruptcy code, allow small companies to reorganize more quickly and cheaply than than normal
• IWG operates more than 1,000 shared workspace locations around the world and its Regus ...