June 21, 2024
WeWork, the coworking giant, is undergoing debt restructuring under Chapter 11 protection in the US, with a plan that also involves Italy. The company declared bankruptcy in November and embarked on a financial and operational restructuring that included a $450 million capital injection. In Italy, WeWork reduced its locations in Milan, but saw a 9% increase in occupancy in the remaining locations. Globally, the reorganisation led to significant savings on rents and a reduction in financial commitments. Under the new agreement, the senior creditors will receive control of WeWork in return for a significant investment.