WeWork Survived Bankruptcy. Now It Has to Make Coworking Pay Off

image via WIRED

May 30, 2024, 4:09 PM

• •WeWork is set to become a smaller—and potentially rightsized—company.
• •WeWork had more than 500 global locations before it filed for bankruptcy, and will operate about 330 WeWorks going forward, about half of which will be in the US and Canada.
• •The bankruptcy plan involves $400 million in new financing, and will make Yardi Systems, a real estate software company, WeWork’s majority owner as it becomes a private company again.

WeWork is set to become a smaller company, with fewer locations, a new influx of capital, and $4 billion in debt wiped from its books. The coworking pioneer filed for bankruptcy in November, hammered by high interest rates and the Covid-19 pandemic. It will operate about 330 WeWorks going forward, about half of which will be in the US and Canada.

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