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WeWork has filed for bankruptcy protection. The office space rental company has struggled as millions more people have opted to work from home over the last few years. ....
The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy. A WeWork spokesperson said about 92% of the company's lenders had agreed to convert their secured debt into equity under a restructuring support agreement, wiping out about $3 billion of debt. WeWork had office space available at 777 locations worldwide as of the end of June. ....