(Reuters) -WeWork said on Tuesday it was looking to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31 and that it had negotiated more $8 billion, or over 40%, reduction in rent commitments from landlords.
The shared office space provider, once privately valued at $47 billion, filed for bankruptcy in November.
WeWork’s post-bankruptcy business plan is premised on a significant reduction in future rent costs from its landlords.
The SoftBank-backed company expanded at breakneck speed but racked up losses on its long-term lease obligations as more people began working from home during the pandemic and demand for office space plunged.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)
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