WeWork, the flexible workspace provider with facilities in 37 countries including Singapore reportedly has plans to file for bankruptcy as early as next week.
An unnamed source familiar with the matter had unveiled that the US-based company is struggling with debts and losses.
Source: photo101 on Flickr
Responding to queries about its operations in Singapore, WeWork Singapore said it refused to comment on speculation. The company also said that it remains committed to providing customers with exceptional office space and services.
Reuters reported on Wednesday (1 Nov) that US-based WeWork may file for bankruptcy as early as next week.
The news site cited an unnamed source that was “close to the matter” for the information.
Meanwhile, The Wall Street Journal reported that WeWork is considering filing a Chapter 11 bankruptcy in the state of New Jersey.
A bankruptcy filed under Chapter 11 allows for a reorganisation of the debtor’s business so it can remain operational while repaying its debts.
The reports came just a day after WeWork announced that it got into an agreement with creditors to temporarily push back some debt payments.
In response Channel NewsAsia‘s queries about the rumours, WeWork Singapore said it refuses to comment on speculative rumours.
Source: WeWork
WeWork Singapore also said that it remains committed to “providing members with exceptional office space and service throughout the region”.
According to its website, WeWork has 14 facilities in Singapore . Most of these are located in the central business district (CBD).
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Featured image adapted from Courtney Moore on Flickr.
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