WeWork Inc. shares slid 25% on Tuesday morning to their lowest price on record after the company skipped interest payments due on five of its bonds.
The co-working firm withheld $37.3 million of cash and $57.9 million of in-kind payments on the notes, according to a regulatory filing, kicking off a 30-day grace period before a default. It said it had enough liquidity to make the payments and may elect to do so in the coming weeks.