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Bond Market News
WeWork Strikes Restructuring Agreement With Lenders
April 30, 2024
WeWork struck an agreement with senior lenders including SoftBank to provide them with about $450mn in Chapter 11 and exit financing in exchange for equity in the newly reorganized business. SoftBank and other owners of WeWork’s existing letters of credit (LCs) could also swap their debt holdings for stock after exiting Chapter 11. The deal is still to be approved by the court. With the above, WeWork is said to have effectively indicated turning down Adam Neumann’s buyout bid earlier this month for about $500mn. This comes after WeWork filed for bankruptcy in November 2023. As per Bloomberg, Neumann could still challenge the proposal, but he would need to win support from senior lenders. WeWork would be majority owned by Yardi, a software provider for commercial and residential property owners, lawyers said.
WeWork’s dollar bonds are trading at deeply distressed levels of just over 1 cent on the dollar.
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