Brief: WeWork Secures Final Court Approval For Transformational Restructuring

Wework

30/05/2024 15:51

May 30 (Reuters) - WeWork Inc  WEWKQ.PK :
    * WEWORK SECURES FINAL COURT APPROVAL FOR TRANSFORMATIONAL
RESTRUCTURING
    * WEWORK INC - EXPECTS TO EMERGE DEBT-FREE IN MID-JUNE 2024
    * WEWORK INC -  THROUGH APPROVED PLAN, WEWORK WILL:
ELIMINATE MORE
THAN $4 BILLION OF PREPETITION DEBT, EMERGING DEBT-FREE
    * WEWORK INC -  THROUGH APPROVED PLAN, WEWORK WILL OPERATE
AS A
PRIVATE COMPANY, OWNED BY ITS PREPETITION SECURED LENDERS
    * WEWORK INC -  THROUGH APPROVED PLAN WILL SECURE $400
MILLION OF
NEW EQUITY CAPITAL
    * WEWORK INC -  THROUGH APPROVED PLAN CO WILL REDUCE TOTAL
FUTURE
RENT EXPENSES BY ABOUT $12 BILLION OR OVER 50%

Source text for Eikon:  ID:nBw97VpqCa 
Further company coverage:  WEWKQ.PK 

 ((Reuters.Briefs@thomsonreuters.com;))