More than 90% of WeWork’s secured debt holders have agreed to a restructuring deal that will see the company cut down on its commercial office lease portfolio.
Topline
WeWork, which provides coworking spaces, filed for Chapter 11 bankruptcy on Monday, capping off a dramatic collapse for a company once valued at $47 billion.Key Facts
In a press release, WeWork said 92% of its secured debt holders had agreed to its restructuring plan which will wipe out around $3 billion of debt.
As part of the reorganization, the company will cut down on its commercial office leases.
