WeWork rejects Adam Neumann’s $650M bid, reaches bankruptcy deal with creditors
Shared office space provider WeWork on Monday announced a settlement with junior creditors and an infusion of new capital from senior lenders, rejecting a $650 million offer from co-founder and former owner Adam Neumann. proceeded with a bankruptcy transaction. At a hearing in Newark, New Jersey, U.S. Bankruptcy Judge John Sherwood said the New York-based, […]
WeWork targets Chapter 11 exit by May 31, secures $8 billion in rent reduction
WeWork on Tuesday said it aims to emerge from Chapter 11 bankruptcy protection in the U.S. and Canada by May 31, and will receive 80% of its rent commitments from landlords. The company announced that it had negotiated a reduction of more than $100 million. The shared office space provider, once privately valued at $47 […]
WeWork founder Adam Neumann’s latest startup Flow planning on spending $300M to redevelop former Miami ‘tent city’
Adam Neumann’s real estate startup Flow Global is reportedly planning a $300 million buildout in the Miami development as it seeks to take control of WeWork. According to preliminary documents filed March 11 with MuniOS, an online repository of municipal offerings, Flo’s Miami blueprint includes rental apartments in what was once considered a tent city […]
Former WeWork building proposed for migrant shelter
A 16-story building in the Garment District that previously housed bankrupt office space-sharing provider WeWork has been offered as an emergency shelter for migrants. Mayor Eric Adams’ administration has confirmed that the landlord of 315 West 36th Street is proposing to convert the building into the city’s Humanitarian Emergency Response and Asylum Seeker Relief Center. […]
Ousted WeWork CEO Adam Neumann trying to buy company back
Joe Sitt, CEO of Thor Equities, spoke about what the sharp decline in commercial real estate means for Barney & Co.’s bank. WeWork co-founder Adam Neumann, who was ousted as CEO of the bankrupt co-working space provider four years ago, is trying to buy back the company through his new venture, Flow Global Holdings. It […]