WeWork’s shares plunged 37% in pre-market trading Wednesday, following news reports that the beleaguered company plans to file for bankruptcy as early as next week as its losses mount.
The SoftBank-backed flexible workspace provider is considering filing for Chapter 11 bankruptcy protection in New Jersey, the Wall Street Journal and Reuters reported Tuesday, citing people familiar with the matter. A WeWork spokesperson told CNN the company would not comment on “speculation.” Earlier on Tuesday, WeWork said it had agreed with creditors to extend a 30-day grace period to make interest payments on some of its debt that was due to expire this week.
“Its major backer SoftBank must have reached a point where it can no longer justify bailing the business out.” WeWork’s shares have plunged 96% this year amid ongoing losses and a massive debt pile, which has become more costly to service as borrowing costs have risen on the back of interest rate hikes by central banks. The company’s demise has been years in the making, after it struggled to recover from a botched IPO in 2019.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
37 Great Gifts For The Holidays You Can Buy NowYou'll be the GGGOAT (greatest gift giver of all time) and your shopping will be done early.
Les mer »
Twin breast cancer survivors diagnosed months apart when they were only 37Vamekia and Vatrecia Gayfield share their story of hope and healing after battling breast cancer together.
Les mer »
37 Practical Products To Make Your Life EasierIt's all treats with these genius problem-solvers.
Les mer »
These 37 Products Are Living Rent-Free In My Brain, They're That GoodMy love for the heated eye massager is not a phase; it's a lifestyle.
Les mer »
Bud Light Backlash Drags AB Revenue Down 13.5% in N.A.Anheuser-Busch Inbev said Tuesday revenue growth in most of its global regions was offset by a drop in North American sales, in a sign of continuing fallout from a promotion with a transgender influencer that cost it sales.
Les mer »
37 TikTok Beauty Products If Your FYP Is Just GRWM VideosOnce you have the products you can start filming your own GRWM videos… maybe they'll even go viral, too 🤷🏼♀️.
Les mer »