The US Bankruptcy Court for the District of New Jersey approved WeWork's reorganization plan on Thursday, a crucial milestone for the once high-flying startup that had been weighed down by excessive lease obligations and unsustainable losses.'We have emerged from this process with a comprehensive restructuring underway and a redoubled focus on providing flexible workspace environments that meet the needs of today's workforce,' said David Tolley, WeWork's executive chairman.
The reorganization plan marks a dramatic turnaround for the co-working pioneer, which was once valued at a lofty $47 billion before mounting losses and corporate governance concerns triggered a spectacular downfall in 2019.WeWork's path through bankruptcy has involved painstaking renegotiations and terminations of numerous leases around the world. The company currently maintains a footprint of around 600 locations across 37 countries and 120 cities.
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