WeWork tapping advisers for restructuring help – Bloomberg News – Reuters

The WeWork logo is displayed on a screen during the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing Rights
Aug 23 (Reuters) – WeWork (WE.N) is tapping advisers for restructuring advice as it struggles with a heavy debt load and poor financial performance, Bloomberg News reported on Wednesday citing people familiar with the matter.
Shares of the SoftBank Group-backed (9984.T) WeWork fell about 6% to $0.12 at the close.
The New York Stock Exchange (NYSE) suspended trading in WeWork's warrants on Tuesday due to "abnormally low" trading price levels and said will initiate proceedings to delist them.
The flexible workspace provider has hired real estate adviser Hilco Global, engaged consultant Alvarez & Marsal and re-engaged law firm Kirkland & Ellis for advice on its options, according to the report.
The company is seeking to avoid a Chapter 11 bankruptcy filing and restructure its debts out of court, the report added citing a person familiar with the matter.
Hilco Global said in an email to Reuters it was working with WeWork in connection with the real estate restructuring efforts.
WeWork, Alvarez & Marsal and Kirkland & Ellis did not immediately respond to Reuters' requests for comment.
Reporting by Kannaki Deka and Pratyush Thakur in Bengaluru; Editing by Krishna Chandra Eluri
Our Standards: The Thomson Reuters Trust Principles.
Dubai carriers threw down the gauntlet to emerging regional rivals with more than $50 billion of Boeing jet orders on Monday, as competition intensifies to secure dwindling supplies of long-haul jets and anticipate growth in international travel.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved







Leave a Reply

Your email address will not be published. Required fields are marked *