The troubled company is back from the brink, but will emerge from bankruptcy to a world where coworking’s long-term future is much less certain.
WeWork is set to become a smaller—and potentially rightsized—company. Following a final hearing on its bankruptcy plan Thursday morning, the coworking pioneer will have fewer locations, a new influx of capital, and $4 billion in debt wiped from its books. In a packed courtroom in Newark, New Jersey, Judge John Sherwood approved WeWork’s restructuring plan. WeWork expects to finally exit bankruptcy in mid-June.
Bankruptcy allows companies to renegotiate and reject leases outright, but the market conditions that now plague office landlords primed WeWork with advantages to negotiate better terms to stay in place. “They have all the leverage, knowing that we’re in a terrible time for landlords,” says Eric Haber, counsel at Wharton Property Advisors, a New York City office-leasing advisory firm.
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