Wall Street funds explore potential bankruptcy plan for WeWork - WSJ

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24.08.2023 - 19:15

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investing.com:

(Reuters) — A group of wall street funds which lent cash to WeWork is exploring the possibility of a bankruptcy filing, the Wall Street Journal reported on Thursday citing people familiar with the creditors' talks.

The group, which includes BlackRock (NYSE:BLK), King Street Capital and Brigade Capital, are holding preliminary talks about the company's restructuring options, the report said, and indicated they would support a plan for chapter 11 bankruptcy.

Shares of WeWork were up about 12% at 13 cents in afternoon trade.

BlackRock, King Street, Brigade and WeWork did not immediately respond to Reuters' requests for comments.

Bloomberg News had reported on Wednesday the flexible workspace provider was tapping advisers for restructuring advice.

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