Almost exactly two years after going public via SPAC, WeWork, the struggling co-working start-up that once held a valuation as high as $47 billion, filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday, having, as Wolf Richter reports, spent its entire life burning huge amounts of cash raised from investors – a total of $13.8 billion raised in 22 rounds, much of it from SoftBank and SoftBank’s Vision fund.
The bankruptcy is limited to only WeWork’s locations in the US and Canada, the company said. It reported liabilities ranging between $10 billion to $50 billion.
Despite the bankruptcy, Financial Times quoted WeWork as saying its office spaces were still “open and operational.”
https://www.zerohedge.com/markets/wework-files-bankruptcy-amid-cre-turmoil-office-market