Flexible remote workspace provider WeWork could file for bankruptcy by next week after failing to make interest payments to bondholders by Oct. 2. The company has struck a deal to extend a 30-day grace period by seven days, after which an automatic default would be triggered, which could present a huge opportunity to its rivals.

WeWork has declined to comment on the bankruptcy “speculation” and is committed to changing its capital structure. It appointed four new directors to negotiate with its creditors as it seeks to avoid bankruptcy.

WeWork Bankruptcy Blamed on Office Space Market

The company started negotiating new lease agreements after it recently determined it may not be able to survive. It spent $530 million in the first six months of the year and reportedly has $205 million cash on hand.

WeWork allows remote workers to rent over 700 workspaces in 39 countries. Its former CEO, Adam Neumann, was ousted due to unorthodox management practices.

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Author: David Thomas

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