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WeWork Inc (NYSE:WE) shares are plunging Wednesday following reports that the company is nearing bankruptcy.
What Happened: WeWork plans to file for Chapter 11 bankruptcy in New Jersey as soon as next week, according to the Wall Street Journal, citing people familiar with the matter.
The news comes after the flexible workspace provider on Tuesday said it entered into a creditor agreement to temporarily postpone some of its debt payments. The SoftBank Group-backed company said it had long-term net debt of $2.91 billion last quarter and about $13.28 billion in long-term lease obligations.
WeWork was once valued as high as $47 billion, but it had a market cap of just $136 million as of Tuesday's close. The company noted that substantial doubt existed about its ability to continue as a going concern in its last earnings release.
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WE Price Action: WeWork shares are down more than 96% since the start of the year. The stock was down 39.5% at $1.38 at the time of writing, according to Benzinga Pro.
Photo: Phillip Pessar from Flickr.
Posted In: WE
