Giant office-sharing company WeWork, who have three Irish offices, has filed for Chapter 11 bankruptcy protection, according to a statement on Monday.
Founded in 2010 by Adam Neumann and Miguel McKelvey, WeWork was noted as a revolutionary of the office space industry at its height. The company has now seen their share prices drop 98% this year.Once valued at $47bn on the private market, its huge drop in share prices have left it now worth less than $50m.
According to the statement, 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.Despite their bankruptcy filing, the company said their overseas locations will remain operational.
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