Debt-laden WeWork (WE.N) said on Tuesday it has decided to withhold interest payment of about $6.4 million on some of its notes as the flexible workspace provider looks to improve its balance sheet.
A WeWork logo is seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photosaid on Tuesday it has decided to withhold interest payment of about $6.4 million on some of its notes as the flexible workspace provider looks to improve its balance sheet.ever since its plans to go public in 2019 imploded as investors worried over its hefty losses and began to doubt its business model of taking long-term leases and renting them for the short term.
The SoftBank-backed company added it has entered into an agreement with creditors for temporary postponement of payments for some of its other notes, with the debt-grace period nearing an end.
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