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- WeWork founder and former CEO Adam Neumann has ended his bid to acquire the bankrupt shared office space provider, the New York Times Dealbook reported on Tuesday.
Earlier this year, Reuters reported that Neumann's new real estate venture, Flow Global, had submitted a bid of more than $500 million to take over WeWork and its assets."For several months, we tried to work constructively with WeWork to create a strategy that would allow it to thrive. Instead, the company looks to be emerging from bankruptcy with a plan that appears unrealistic and unlikely to succeed," Neumann said in his statement to DealBook.
WeWork, with over $13 billion in long-term leases, filed for Chapter 11 bankruptcy protection in 2023 in order to renegotiate these agreements. It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action. Please consider joining us in this mission by becoming a member of the SaltWire Network and helping to make our communities better.
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