WeWork, the office-sharing company once valued at $47B, files for bankruptcy protection
WeWork, the office-sharing company, filed for chapter 11 bankruptcy protection on Thursday, October 22, 2020. The company had been valued at up to $47 billion before its failed initial public offering in September 2019, but its struggles since then have resulted in its board deciding to pursue bankruptcy protection. WeWork had been trying to restructure its debts and reach an agreement with creditors, including SoftBank, its biggest investor, but the two sides could not come to terms. As part of its bankruptcy filing, WeWork intends to reduce its debt load by more than $10 billion. WeWork is also devising a plan to save its core business of providing shared office space to its users.