article thumbnail

Creditors Pressure WeWork to Evaluate Neumann’s Flow Proposal During Bankruptcy Challenges

Allwork

However, according to a report published by The Real Deal , WeWork’s unsecured creditors, including many of its landlords, allege that the bankruptcy cases are at a dramatic point. It’s reported that the unsecured creditors claim WeWork has not secured the necessary financing to successfully exit bankruptcy.

article thumbnail

WeWork’s Ex-CEO Neumann Slams Post-Bankruptcy Strategy, Calling Projections “Unsustainable”

Allwork

Moreover, SoftBank would still own at least 16.5% — with the potential for it to increase to 36% under the new deal. The proposal is reported to have backing from most owners of WeWork’s $4 billion in senior debt and a committee of unsecured creditors. Sherwood to reject the reorganization proposal.

2024 223
Insiders

Sign Up for our Newsletter

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

article thumbnail

WeWork’s Updated Bankruptcy Exit Strategy: Yardi Takes 60% Stake, SoftBank’s Role Diminished

Allwork

which covers the majority of the coworking giant’s $450 million bankruptcy exit plan. According to WeWork, “Securing this financing demonstrates the support and confidence in WeWork’s business model and value proposition from its largest stakeholders.

Finance 224
article thumbnail

WeWork Finalizes Lease Portfolio Across Seven Key U.S. Cities

Allwork

which covers the majority of the coworking giant’s proposed $450 million bankruptcy exit strategy and gives Yardi a 60% controlling share. Most notably, the amended financing, which must still be approved by WeWork’s Creditors , has Yardi Systems contributing $337 million through its affiliate Cupar Grimmond LLC.

Finance 130
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. Amid these complex legal and financial challenges, WeWork’s founder and former CEO Adam Neumann has also very publicly shown interest in the company.

article thumbnail

Landlords Push Back on WeWork’s Financial Plans

Allwork

According to a report published by BISNOW , attorneys representing various landlords of over 50 WeWork locations filed objections on Thursday, asking the judge to reject WeWork’s motion for debtor-in-possession (DIP) financing.

Finance 147
article thumbnail

JLL Reports Historic Dip in Office Space Inventory Across the U.S

Allwork

Many former office towers could be repurposed into residential complexes as the idea seems to be taking off among landlords.

2024 130