New York, NY – April 29, 2024 – Today, WeWork received court approval of its Disclosure Statement and several additional key motions, paving the way for the company to conclude its financial and operational restructuring and successfully emerge from Chapter 11 by the end of May.
As part of the Disclosure Statement, the Company shared it has secured a $450 million new-money financing facility that will support operations during its Chapter 11 cases and enable WeWork to promptly emerge from restructuring upon confirmation of the Plan. Securing this financing demonstrates the support and confidence in WeWork’s business model and value proposition from its largest stakeholders. Additionally through its Plan, WeWork expects to eliminate all of its $4 billion of outstanding, prepetition debt obligations.
“WeWork is and has always been an industry leader. Over the past six months, we have worked extremely hard to develop a Plan for a reorganized WeWork that is better capitalized, more operationally efficient, and positioned for continued investment in our products and services and a return to long term growth,” said David Tolley, Chief Executive Officer. “I am sincerely thankful to our Board, financial stakeholders, management team, and employees for their continued efforts to re-establish WeWork as a strong and sustainable company. I also want to thank our members and continuing landlord partners for their loyalty and support throughout this process.”
WeWork also secured approval to extend its Plan exclusivity and lease assumption periods, ensuring the Company’s continued control over the final weeks of its restructuring process. WeWork will immediately begin to solicit votes on the Plan and has requested final approval of the Disclosure Statement and confirmation of the Plan to occur at a hearing now scheduled for May 30, 2024.
About WeWork
WeWork was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we’ve become the leading global flexible space provider committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.