article thumbnail

WeWork’s Bankruptcy Battle Takes New Turn with Legal Action Against SoftBank

Allwork

According to a report published by The Wall Street Journal , the struggling coworking giant’s junior creditors committee is seeking court approval to sue SoftBank, WeWork’s largest shareholder, amidst allegations of financial maneuvering ahead of WeWork’s bankruptcy filing.

Legal 262
article thumbnail

SoftBank Faces Legal Heat as WeWork’s Creditors Seek Recovery Amid Bankruptcy Fears

Allwork

Some of the tenants include companies like Sony Pictures, Palantir, Boeing, Moderna, Current, Roky — all of which have moved into some of the vacated WeWork locations. The committee accuses SoftBank and a coalition of creditors, who hold 62% of WeWork’s unsecured notes, of orchestrating a debt restructuring in May 2023.

Legal 260
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

California’s “Right to Disconnect” Legislation Supported by 83% of Employees in Recent Survey

Allwork

have become aware of California lawmakers promoting the bill after last week’s vote to move the bill forward to a committee hearing. It’s reported that workers in hybrid roles and at small companies are feeling the most pressure to respond to work-related communications outside of work hours.

Policies 276
article thumbnail

WeWork Noteholders Furious Over Lack Of Bankruptcy Progress

Allwork

The creditors criticize the company’s lack of engagement with potential financing sources and purchasers.

130
130
article thumbnail

WeWork Slashes London Office Space as Bankruptcy Exit Approaches

Allwork

According to a report published by BisNow , the company has shed 750,000 square feet of office space in the U.K. According to a report published by GB News, a document that had circulated to the European budget committee said the U.K. branch of WeWork would soon stop paying rent on the building.

2023 202
article thumbnail

WeWork Accused of Dodging Millions in Rent

Allwork

As WeWork moves onward with its dramatic restructuring efforts , the company is being accused by some of its landlords for withholding millions in rent payments. bankruptcy code, which doesn’t allow companies to ignore rent payments. billion.

article thumbnail

Starbucks And A Labor Union Are In Disagreement

Allwork

How it’ll impact the future: On March 29th, ex-Starbucks CEO Howard Schultz will appear before the Senate Health, Education, Labor and Pensions Committee to answer questions on his company’s adherence to labor laws, despite initially resisting their requests. “Hearing this days before Howard Schultz is set to testify in front (..)