(Bloomberg) -- WeWork Inc. won bankruptcy court approval to shed billions in debt, drop unprofitable leases from its office workspace portfolio and leave...
-- WeWork Inc. won bankruptcy court approval to shed billions in debt, drop unprofitable leases from its office workspace portfolio and leave behind the legacy of co-founder Adam Neumann .US Bankruptcy Judge John K. Sherwood on Thursday said he’d approve the co-working company’s restructuring plan , clearing WeWork’s path to exiting bankruptcy under the ownership of its senior lenders.
By 2019, WeWork was the largest private-sector tenant in both London and New York, among two of the largest office markets in the world. It was also gearing up for one of the decade’s most anticipated IPOs. Yet the company was burning through cash, with an unclear path to profitability.Neumann’s bet proved ultimately disastrous for WeWork, as investors and board members grew concerned about the company’s corporate governance and aggressive growth strategies.
Lower-ranking bondholders are anticipated to receive 4 cents on the dollar under the restructuring, creditor attorney Kris Hansen said in court. Other unsecured creditors are expected to get back just 1 cent on the dollar, but would have wiped-out completely in a liquidation, he said. TORONTO — Quebec-focused National Bank of Canada bucked the general trend of downward profits among banks this quarter as it benefited from higher stability in its home market. -- Bank of Montreal’s shares plunged the most in four years after the lender reported earnings that missed analysts’ estimates as it set aside more money than expected for potential credit losses.
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