2023-11-02 17:07:43
American co-working space provider WeWork may file for bankruptcy next week as it was unable to pay its debts by October 2. The company extended the 30-day grace period, following which automatic insolvency would take effect, by seven days. He did not comment on the bankruptcy speculation, instead appointing four new directors to negotiate with creditors and save the almost unsalvageable. The company, which operates in 39 countries, began negotiations on new leases, but in June it was announced that the expenses (regarding 530 million dollars were spent in the first half of the year) were not covered by the company’s revenues. While they once received billion-dollar investments, according to CEO David Tolley, the office market has changed, so they were forced to rethink their contracts. Interest in WeWork soared during the COVID era, when it helped co-workers living in the same place to work together in co-working offices. Jane Sydenham, investment director at Rathbones, said the company had a great idea but “later on they spent too much money and wanted to expand too fast”. While the company is in danger of bankruptcy, its competitors are pushing forward with gusto. IWG plc, formerly Regus, operates in more than 100 countries, including Portugal, where it attracts a vibrant community of decentralized developers. Related: Cryptos and digital nomads drive Portuguese housing prices sky high Malta’s Coworking and Coliving Campus offers digital nomads meeting rooms, accommodation and private offices. And Paper Hub in Prague only accepts cryptocurrency payments in exchange for its services.
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