WeWork has filed for Chapter 11 bankruptcy protection, marking a stunning fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.
In a late Monday announcement, WeWork said it entered into a restructuring support agreement with the majority of its stakeholders to slash the company’s debt while further evaluating WeWork’s commercial office lease portfolio.
This agreement is expected to erase about $3 billion of WeWork’s debt, CEO David Tolley told The Associated Press.