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Regus Units File Restructuring Plan to Keep 98 Co-Work Locations

June 14, 2021, 7:03 PM

Co-working space provider Regus Corp.'s bankrupt subsidiaries filed a reorganization plan to resume operating a vast majority of their locations in the U.S.

As they emerge from bankruptcy, the debtors—RGN-Group Holdings LLC and affiliates—plan to use $168.4 million in parent-provided exit financing to reorganize and keep open 98 of the bankrupt locations. Eight will be liquidated.

The moves will help deliver a “value-maximizing outcome” to creditors of its office spaces, according to plan documents filed June 11 with the U.S. Bankruptcy Court for the District of Delaware.

The debtor companies each filed Chapter 11 amid pandemic-related shutdowns. Their reorganization plan ...