WeWork Goes Bankrupt, Signs Pact With Creditors to Cut Debt (3)

WeWork Inc. filed for bankruptcy, capping a tumultuous period that saw the once high-flying startup navigate a failed initial public offering, Covid-19 lockdowns, a blank-check merger and slow return-to-office trends.

The company — which at its 2019 peak commanded a $47 billion valuation — listed $19 billion of liabilities and $15 billion of assets in its bankruptcy petition in New Jersey on Monday. The Chapter 11 filing allows WeWork to continue operating while working out creditor repayment terms.

WATCH: WeWork, once worth $47 billion, files for bankruptcy.

Source: Bloomberg

WeWork entered bankruptcy after reaching a tentative restructuring deal with longtime backer SoftBank Group Corp. and existing creditors to slash over ...