WeWork, company once valued at Rs 330000 crore, files for bankruptcy

Former high-profile startup WeWork Inc. has filed for bankruptcy in the United States marking a fresh low for the co-working company that struggled to recover from the pandemic and its failed initial public offering in 2019.

The New York-based company listed both assets and liabilities in the range of $10 billion to $50 billion in a Chapter 11 petition filed in New Jersey on Tuesday. The filing allows WeWork to keep operating while it works out a plan to repay all its debts.

The co-working company reached a sweeping debt restructuring deal in early 2023, but quickly dived into financial trouble again. It said in August that there was “substantial doubt” about its ability to continue operating. Weeks later, it said it would renegotiate nearly all its leases and withdraw from “underperforming” locations.