WeWork Completes Transformational Restructuringand Emerges from Chapter 11
Last fall, WeWork commenced its global financial and operational restructuring to best position our company for sustainable long-term success, and, most importantly, enable us to continue delivering world-class services to our members.
On June 11, 2024, WeWork emerged from Chapter 11 in the United States and Canada, successfully completing its global restructuring.You can read our official announcement here.
Through our restructuring, we have built a strong foundation for a sustainable and exciting future at WeWork that will empower us to provide innovative workplace solutions so that our members can do their best work. Through this process we have:
Eliminated more than $4 billion of prepetition debt to emerge debt-free;
Reduced total future rent expenses by approximately $12 billion, or over 50%;
Secured $400 million of new equity capital to support operating investments and strategic growth; and
Optimized our real estate footprint to move forward with a system reflecting our strongest locations, including some of the best office buildings around the world.
We have never been more confident in our ability to deliver the best-in-class services and products that enable our members to do their best work.
With this work now behind us, we look forward to delivering for you in the months and years ahead. We are grateful you’re a part of our community and hope to see you in one of our spaces soon.
Have questions about the process?
Your local Community team and account managers are always available to answer any questions you may have. You can also visit our help page for other FAQs, engage in a live chat with our virtual assistant, and submit a support request or email us at help@wework.com.
Frequently Asked Questions
What does WeWork’s Chapter 11 emergence mean for members?
We have successfully concluded our financial and operational restructuring and officially emerged from Chapter 11 debt-free on June 11, 2024. Moving forward, our top priority is continuing to provide world-class services, spaces and products to our members, supported by a strengthened real estate portfolio comprising our best and strongest buildings.
Will there be any changes to my membership agreement or service retainer?
Your membership agreement remains active, and we will continue to honor our obligations under your agreement, including with respect to your service retainer.
Is WeWork going to close more locations?
We will always analyze and manage our business and real estate portfolio to ensure we are well positioned to deliver the best possible experience for our members and support sustainable business operations. Following months of hard work and successful execution, we have completed the global lease rationalization process and are optimistic and excited about the future of our business.
WeWork continues to be one of the largest flexible office space providers, operating a system of approximately 45 million square feet across approximately 600 locations in 37 countries. Importantly, this footprint reflects our strongest locations, including some of the best office buildings around the world.
What can I expect from my WeWork membership moving forward?
Members are our North Star. Our restructuring has built a strong foundation for a sustainable and exciting future at WeWork, empowering us to invest in our products and services to provide innovative workplace solutions, all while growing responsibly far into the future.
We will continue to enhance our offerings to better serve our members, ensuring that WeWork remains at the forefront of the flexible workspace industry.
Will I get any more legal notices and mailings?
In the coming days you may receive a notice from Epiq, our claims agent, notifying you that our Plan of Reorganization has been approved by the Court. There is no action needed as a result of receiving this notice.
What’s next for WeWork?
WeWork will continue as the leading global flexible office space provider delivering unmatched global scale, beautifully designed flexible work spaces and exceptional hospitality, all underpinned by our cutting-edge technology solutions.
We remain focused on investing in the spaces and services that our members value most, growing sustainably, and remaining your trusted workspace partner for many years to come.
Have more questions?
Your local Community team and account managers are always available to answer any questions you may have. You can also visit our help page for other FAQs, engage in a live chat with our virtual assistant, or submit a support request or email us at help@wework.com.
From all of the employees of WeWork, thank you for your trust in us throughout these critical steps to strengthen our company for the long term.
We are grateful you’re a part of our community. We do not take the opportunity to work with you for granted, and look forward to seeing you in one of our spaces soon.
