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WeWork Inc (NYSE:WE) shares are in the spotlight Tuesday after the company filed for bankruptcy.
What Happened: Late Monday, WeWork announced it filed for Chapter 11 bankruptcy protection and commenced a comprehensive reorganization to strengthen its capital structure and financial performance.
The company noted that it had entered into agreements with approximately 92% of its secured note holders and intends to cut its commercial office lease portfolio.
WeWork's bankruptcy filing shows liabilities ranging from $10 billion to $50 billion. The bankruptcy is limited to WeWork locations in the U.S. and Canada.
"Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet. We defined a new category of working, and these steps will enable us to remain the global leader in flexible work," said David Tolley, CEO of WeWork.
"I am deeply grateful for the support of our financial stakeholders as we work together to strengthen our capital structure and expedite this process through the Restructuring Support Agreement."
WeWork was once valued as high as $47 billion, but it had a market cap of just $56 million as of Monday's close. The company noted that substantial doubt existed about its ability to continue as a going concern in its last earnings release.
See Also: Why Swiss Banking Giant UBS' Shares Are Rising Today
WE Price Action: WeWork shares are down more than 98% year-to-date, according to Benzinga Pro.
Photo: courtesy of WeWork.
Posted In: WE
