WeWork’s chapter submitting permits it to maintain working because it chalks out a debt reimbursement plan.
WeWork India on Tuesday mentioned it operates independently and WeWork World’s chapter submitting within the US won’t influence its stakeholders in India. WeWork Inc, a co-working firm, was as soon as a high-flying start-up valued at $47 billion that has struggling within the aftermath of the pandemic.
“WeWork India is a separate entity from WeWork World. The current Chapter 11 submitting won’t influence our members and stakeholders in India. We’ll proceed to function and serve our members, landlords, and companions as ordinary. Dedicated to the expansion and success of our enterprise,” it mentioned in a submit on X, previously Twitter.
WeWork India is a separate entity from WeWork World. The current Chapter 11 submitting won’t influence our members and stakeholders in India. We’ll proceed to function and serve our members, landlords, and companions as ordinary. Dedicated to the expansion and success of our enterprise. pic.twitter.com/92KeXB1X4I
— WeWork India (@WeWorkIndia) November 7, 2023
WeWork India mentioned its international unit has initiated an vital strategic reorganisation course of within the US, together with recognition proceedings in Canada in a step in the direction of bettering its enterprise’ economics.
The chapter submitting permits it to maintain working because it chalks out a debt reimbursement plan.
As of June30, the corporate maintains actual property presence throughout 777 areas in 39 international locations, however stays unprofitable. Nonetheless, WeWork India has been worthwhile since 2021, the assertion mentioned.
“The method restructures the money owed and the leases of WeWork World within the US and Canada. Throughout this era, we’ll proceed to carry the rights to make use of the model title as a part of the working settlement, whereas serving our members, landlords, and companions as ordinary,” it mentioned.
WeWork India mentioned it’s backed by majority stake holder Embassy Group, and is dedicated to investing in the way forward for its enterprise.
WeWork Inc went public in 2021, two years after its preliminary public providing (IPO) failed amid investor issues over valuation and progress prospects. Founder Adam Neumann needed to resign as CEO following a fall in WeWork’s valuation.