Tue 04/02/2024 09:23 AM
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Press Release

WeWork today announced that it has determined a final path forward at 90% of the locations in its global real estate portfolio through amended leases, new management agreements, or via the lease rejection process. This represents a significant milestone in WeWork’s global restructuring.

The company said that it is targeting emergence from Chapter 11 in the U.S. and Canada by May 31.

Key achievements to date include:

  • Agreements in principle to amend approximately 150 leases, with many contracts complete and others in various stages of execution;

  • Approximately 150 locations where existing lease terms support WeWork's current go-forward business plan, to be assumed as part of the Chapter 11 process or to remain in effect internationally;

  • Approximately 150 lease rejections or negotiated building exits completed or in progress;

  • Over $8 billion, or over 40%, reduction in total future rent commitments*; and

  • Agreement with holders representing 92% of its secured notes to eliminate over $3 billion in prepetition secured debt obligations.


The company said that “as a result of this dramatic reduction in future rent expenses and further improved operating efficiency, WeWork is on track to deliver strong and sustainable financial performance following the completion of its restructuring.”
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