WeWork Inc.: going-concern / distress — WeWork files Chapter 11; enters RSA to drastically reduce funded debt

WeWork Inc.

Filed for Chapter 11 on Nov 6, 2023; locations outside US/Canada not part of process.
Entered Restructuring Support Agreement with holders of ~92% of secured notes.
Plan expects to equitize first and second lien claims; equity interests cancelled.
Company expects to reject leases of certain non-operational locations.
Operations continue; David Tolley says 'bright future' but equity likely worthless.

item 1.01 item 1.03 item 2.04 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WeWork Inc. faced acceleration on senior notes with U.S. Bank Trust Company, National Association at 12.000% maturing due 2027.

Instrument: senior notes
Counterparty: U.S. Bank Trust Company, National Association
Rate: 12.000%
Maturity: due 2027
Event: acceleration

Exact text from the filing

The filing of the Chapter 11 Cases constitutes an event of default that accelerated and, as applicable, increased certain obligations under the following debt instruments

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.7

WeWork Inc. faced acceleration on debt with SVF II.

Counterparty: SVF II
Event: acceleration

Exact text from the filing

30, 2023 (the “Satisfaction Letter”), and the Amended and Restated Reimbursement Agreement, dated as of December 20, 2022 (as amended, supplemented or otherwise modified from time to time, the “Reimbursement Agreement”), each by and among the WeWork Obligor, SVF II and the other parties thereto, SVF II has reimbursed certain amounts in respect of letter of credit draws under the Credit Agreement, dated as of December 27, 2019 (as amended, supplemented or otherwise modified from time to time), by and among the WeWork Obligor, SVF II and the other parties thereto.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

WeWork Inc. entered chapter 11 in United States Bankruptcy Court for the District of New Jersey (petition 2023-11-06).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of New Jersey
Petition: 2023-11-06

Exact text from the filing

On November 6, 2023 (the “Petition Date”), WeWork Inc. (“WeWork” or the “Company”) and certain of its direct and indirect subsidiaries (together with the Company, the “Debtors”) filed voluntary petitions to commence proceedings under Chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”).

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41 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-23-271902

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