Is WeWork going to come out of bankruptcy?

WeWork plans to file for bankruptcy in the hopes that having fewer debts and locations can revitalize the company.
Founded in 2010 and originally heralded as the future of the workplace, the company that rents out shared office spaces experienced financial losses during its rapid global expansion.
Due to the pandemic-induced dramatic decline in the market for office space, it filed for bankruptcy last year.
Since then, the business has worked with its lenders and renegotiated the terms of its rental leases under court protection.
WeWork has stated that following its bankruptcy, it intends to manage 337 shared office spaces worldwide, which is roughly half of the total as of June 2023.
Its largest markets, with more than 170 outlets, will continue to be the US and Canada.
The agreement, which was approved on Thursday by a New Jersey bankruptcy court, eliminates $4 billion (£3.1 billion) in the company’s debt and reduces WeWork’s future rent obligations by $12 billion (£9.4 billion), or more than half, according to the company.
A new owner, Yardi Systems, which provides software to commercial and residential landlords, is another change. In return for co-investing $450 million (£353 million) in the company, the firm is assuming majority ownership in it.
SoftBank Group of Japan is still a supporter.
Judge John Sherwood approved the plan, stating that the restructure will make the corporation “a viable, successful company.”.