WeWork plans to file for bankruptcy, WSJ reports

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WeWork Inc. is on track to file for bankruptcy as soon as the week after next. The company has entered into a week-long forbearance agreement with its creditors in a bid to “improve its balance sheet” and “rationalize its real estate footprint,” as per a filing Tuesday.WeWork has seen one of the most drastic trajectories of the last decade, growing rapidly from its 2010 debut and going on to become one of the country’s largest startups. The company has raised billions of dollars and its valuation has climbed to $47 billion.An unfortunate attempt at an initial public offering and the arrival of the pandemic have, however, changed the fortunes of WeWork, with the company now forced to consider bankruptcy. To this effect, it has entered into a forbearance agreement with its creditors that will end in seven days, and is also engaging with key financial stakeholders to “enhance its capital structure”.WeLive, WeGrow and Rise By We are some of the projects WeWork has been a part of in recent years. However, the company still maintains a “clear, long-term vision for the future” and its spokesperson noted that speculation should not be commented upon.WeWork is expected to file for Chapter 11 in New Jersey and with its seven-day forbearance agreement in place, the company has the time it needs to make the necessary decisions to ensure its survival.