Page 17 - Wework News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future rental savings. Cutting back on real estate costs has been a top priority for WeWork since the New York-based company filed for Chapter 11 bankruptcy in November. At the time, WeWork said that rental liabilities accounted for about two-thirds of its operating costs as it tried to renegotiate nearly all of its leases.

The company said it will exit 150 global locations and keep at least 300 under existing or renegotiated lease terms.

A pioneer of modern coworking, WeWork filed for Chapter 11 in the fall.

WeWork, which lost $122M in February, has renegotiated terms on 25 leases and rejected 94. Talks at 173 other locations are ongoing.

A representative for Neumann’s real estate company, Flow, confirmed that a bid was submitted, saying it exceeded the amount reported by the Journal.