WeWork Files Chapter 11 Bankruptcy in New Jersey (1)

WeWork files for Chapter 11 bankruptcy protection in New Jersey, according to a court filing.

• Estimated liabilities: $10b-$50b; assets: $10b-$50b: court filing
• The company entered into a restructuring support agreement with holders representing 92% of its secured notes, it said in a statement following the filing
• WeWork requesting the ability to reject the leases of certain locations, which are largely non-operational and all affected members have received advanced notice
• The company will continue servicing its existing members, vendors, partners, and other stakeholders in the ordinary course of business
  • Expects to have the financial liquidity to execute these proceedings and continue ...