Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future rental savings
FILE - The WeWork logo is seen at one of the company's offices, Jan. 16, 2020, in New York. WeWork expects to emerge from bankruptcy by the end of May 2024, the embattled co-working space provider said this week, as the company pointed to lease restructuring efforts set to bring in an estimated $8 billion in future rental savings. In an update Tuesday, April 2, 2024, WeWork said it had “determined a final path forward” 90% of the locations in the company's global real estate portfolio. .
In an update Tuesday, WeWork said it had “determined a final path forward” at 90% of the company's about 500 wholly owned locations in its global real estate portfolio, including through agreements to amend or reject leases. Over the course of bankruptcy proceedings, WeWork made headlines for withholding hefty rent payments to landlords as it attempted to renegotiate leases. Lawyers for some landlords pushed back in court, saying the moves violated bankruptcy rules, The Wall Street Journal and others reported earlier this year.
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