United States ยท Flexible office space
WeWork Inc. insolvency: proceedings and outcome
WeWork Inc., a flexible office space provider, filed for Chapter 11 on 6 November 2023 with a restructuring support agreement backed by holders of about 92% of its secured notes. Locations outside the United States and Canada were not part of the process. The US Bankruptcy Court for the District of New Jersey confirmed the plan on 30 May 2024 and it became effective on 11 June 2024.
Emerged from proceedings WeWork emerged from Chapter 11 on 11 June 2024 under its Third Amended Joint Chapter 11 Plan of Reorganization.2
First filingNovember 2023
Proceedings2
No balance sheet total captured from fetched filings.1
Proceedings
| Type | Court or body | Case | Filed |
|---|---|---|---|
| Chapter 111,2 | US Bankruptcy Court for the District of New Jersey (Judge John K. Sherwood), United States (New Jersey) | 23-19865 (JKS) | 6 November 2023 |
| Recognition proceedings (CCAA Part IV)1 | Canadian court (recognition to be sought, as stated in the filing announcement), Canada | November 2023 |
Timeline
- WeWork Inc. and certain entities filed for Chapter 11 with a restructuring support agreement backed by about 92% of secured noteholders, and sought to reject leases at certain mostly non-operational locations.1
- Judge John K. Sherwood entered the order confirming the plan.2
- The plan's effective date occurred and the reorganized debtors emerged.2
Sources
- US Securities and Exchange Commission (EDGAR), WeWork Inc. press release on Chapter 11 filing (Form 8-K Exhibit 99.1) (6 November 2023)
- US Securities and Exchange Commission (EDGAR), WeWork Inc. notice of confirmation and effective date (Form 8-K Exhibit 99.1) (11 June 2024)