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SaltWire's Atlantic regional weather forecast for November 7, 2023 | SaltWireNEW YORK - WeWork will make its first U.S. bankruptcy court appearance on Wednesday, seeking to advance a restructuring proposal that could cut $3 billion in debt and shrink the company's real estate footprint.
After an earlier effort to restructure its debts failed to stave off bankruptcy, WeWork reached a restructuring agreement with over 90% of its bondholders to convert $3 billion of debt into equity in the company. Softbank, which currently owns about 70% of the company, would retain an equity stake under the proposed restructuring.
The company has identified 69 leases it intends to break in the initial days of its bankruptcy, including 41 in New York City, and it could seek to reject additional leases later in its bankruptcy. WeWork said it is seeking to renegotiate terms on other leases with 400 landlords. "So much of this is outside of landlords' control. There's really very little they can do during the initial stage of a bankruptcy," Chandler said.
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