A group of WeWork Inc. creditors urged a bankruptcy judge to appoint an independent examiner to probe the company’s debt transactions with SoftBank Group Corp. that occurred before the coworking space filed for Chapter 11.
The unsecured noteholders contend that SoftBank’s outsized control of WeWork, through equity and debt holdings, suggests that the company’s SoftBank-backed restructuring proposal may not have been developed in good faith, according to a Feb. 9 filing in the US Bankruptcy Court for the District of New Jersey.
Junior creditors are expected to be left with nothing under the proposal, the noteholders said in the filing. ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.