WeWork is expected to emerge from bankruptcy by May 31st

WeWork is expected to emerge from bankruptcy by May 31st.

Its lease restructuring effort would have resulted in more than U$8 billion in future rent savings. WeWork also reached an agreement with holders of 92% of its secured notes to convert their bonds into equity, wiping out about U$ 3 billion in debt. The company had about U$ 3.6 billion in secured debt in principal, according to one of its court filings in February.

WeWork would exit bankruptcy with little to no debt.

https://www.wsj.com/articles/wework-to-save-8-billion-in-rent-by-restructuring-leases-a2a80901