WeWork Aims To Emerge From Bankruptcy By May 31

(RTTNews) - WeWork on Tuesday announced "substantial progress" in Real Estate and Financial restructuring. The company said it aims to emerge from Chapter 11 in the U.S. and Canada by May 31.

WeWork said it has determined a final path forward at 90% of the locations in its global real estate portfolio through amended leases, new management agreements, or via the lease rejection process.

"We are well on our way to building a strong and sustainable WeWork," said David Tolley, Chief Executive Officer. "The size, scope, and complexity of our real estate restructuring is unprecedented in our industry, and we've made remarkable progress to date optimizing our building footprint. We remain committed to emerging from our global real estate and financial restructuring later this quarter, and expect to do so with little to no debt and as a continuing leader in our industry, operating over 20 million square feet of real estate in over 20 countries around the world."

Last month, Adam Neumann sent a preliminary offer to buy WeWork out of bankruptcy for more than $500 million. Neuman was ousted by the office-sharing company he founded five years ago.