WeWork plans to file for bankruptcy, WSJ reports

WeWork Inc. is anticipated to file for bankruptcy protection as early as next week. According to the Wall Street Journal, the company has entered a forbearance agreement with its creditors that will culminate seven days from now, enabling it to continue discussions regarding its balance sheet and steps to streamline their real estate footprint.

The company representative cited the forbearance agreement as a part of their “ongoing strategic effort to enhance their capital structure” while refraining to comment on the speculation further. With a long-term vision for the future, the representative stated that the company has a clear outlook for what is to come.

The New York-based co-working enterprise debuted in 2010. Adam Neumann served as the company’s charismatic proclaimer, raising billions of dollars and expanding WeWork’s reach to multiple locations across the world. With interweaving projects such as WeGrow (private elementary school), WeLive (residential buildings) and Rise By We (gym concept), WeWork’s valuation had sky-rocketed to a whopping US$47 billion.

However, the pandemic has been tough on the co-working model, leading to their disastrous initial public offering and plummeting of the company’s fortunes. With the filing for bankruptcy soon ahead, its unclear what the future holds for WeWork at this point.

The amenities of the development include a swimming pool, fitness corner, and playground for the kids. It also has an outdoor barbecue pavilion, a rooftop garden and a clubhouse with various facilities for the residents to enjoy. Senja Residences is close to many eateries and shopping malls, making it an ideal place to live for those who enjoy convenience. It is also near to good schools such as West View Primary and Bukit Panjang Government High School. As such, it is an excellent choice for young professionals looking to start a family.

It is yet to be seen whether the filing in the New Jersey court, which the Wall Street Journal hinted at, will occur depending on the developments over the next week. In the meanwhile, CICT and CDL have stated that their losses are not affected by WeWork’s filing for bankruptcy.