Spent its entire life burning $13.8 billion of investor cash. Landlords got free manna from heaven and can’t complain. A good scheme while it lasted for everyone but investors.
To be honest, the WTF SPAC bubble wouldn’t be complete without a WeWork listing that lets SoftBank get out.
Regus’ U.S. subsidiary, RGN Holdings, has already filed for Chapter 11 bankruptcy.
But those paper gains were fun while they lasted.
Tender Offer Didn’t Happen. Bonds Plunge to Record Low. This comes after WeWork reported a $1.25 billion loss in Q3. Second thoughts about throwing so many good billions after bad?
However many billions of other people’s money your outfit burns, just make sure you walk away a billionaire.
This scheme worked wonders for a while but has now run into trouble, and a lot is at stake.
WeWork was just late to the defenestration party.
The biggest force behind the startup bubble in the US has been SoftBank. But the scheme has run into trouble, and a lot is at stake.
It’s so big: Soul searching in the Commercial Mortgage Backed Securities market.