8-K
filed June 12, 2024, 7:59 PM ET
CIK 0001813756
other material
confidence high
sentiment neutral
materiality 1.00
WeWork Inc.: going-concern / distress — WeWork emerges from Chapter 11, cancels all existing equity, names new CEO and board
WeWork Inc.
- Plan effective June 11, 2024; 52.8M existing common shares and 25.3M warrants cancelled with no value.
- Up to 71.2M new common shares issued to allowed claimholders, representing ~100% of voting securities.
- David Tolley removed as CEO; John C. Santora appointed CEO effective June 12 and joins board.
- New board: Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann, Jagannath Iyer.
- Exit credit facilities: $441.6M Junior TLC (matures 2030) and $450M Senior LC (Goldman $264.8M, JPM $185.2M).
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
WeWork Inc. entered chapter 11 in United States Bankruptcy Court.
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court
Exact text from the filing
On the Effective Date, the Plan became effective pursuant to its terms and the Debtors filed a Notice of Occurrence of Effective Date (the “ Effective Date Notice ”) with the Bankruptcy Court.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Paul Keglevic departed as Director at WeWork Inc..
- Action
- ceased to be director
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Adnan Ahmad was appointed as Director at WeWork Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Daniel Ehrmann was appointed as Director at WeWork Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Arnold Brier was appointed as Director at WeWork Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John C. Santora was appointed as Chief Executive Officer at WeWork Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
John C. Santora was appointed as the Company's Chief Executive Officer, effective as of June 12, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Alex Clavel departed as Director at WeWork Inc..
- Action
- ceased to be director
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Vikas Parekh departed as Director at WeWork Inc..
- Action
- ceased to be director
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David Tolley departed as Director at WeWork Inc..
- Action
- ceased to be director
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Paul Aronzon departed as Director at WeWork Inc..
- Action
- ceased to be director
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jason Yardi was appointed as Director at WeWork Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David Tolley departed as Chief Executive Officer at WeWork Inc..
- Action
- ceased to serve
- Role
- Chief Executive Officer
Exact text from the filing
On the Effective Date, David Tolley ceased to serve as the Company's Chief Executive Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Elizabeth LaPuma departed as Director at WeWork Inc..
- Action
- ceased to be director
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John C. Santora was appointed as Director at WeWork Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Upon his appointment as Chief Executive Officer, John C. Santora will join the board as a director.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Anant Yardi was appointed as Director at WeWork Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Henry S. Miller departed as Director at WeWork Inc..
- Action
- ceased to be director
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jagannath Iyer was appointed as Director at WeWork Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
Pursuant to the Plan, on the Effective Date, Paul Keglevic, Paul Aronzon, Alex Clavel, Elizabeth LaPuma, Henry S. Miller, David Tolley and Vikas Parekh ceased to be directors of the Company and were replaced by Anant Yardi, Jason Yardi, Adnan Ahmad, Arnold Brier, Daniel Ehrmann and Jagannath Iyer.
View on SEC.gov
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