WeWork—WeWork filed for Chapter 11 bankruptcy with $19 billion in liabilities
On November 6, 2023, WeWork filed for Chapter 11 bankruptcy protection, reporting $19 billion in liabilities against $15 billion in assets. The bankruptcy affected over 500 locations worldwide, nearly 300 in the US and Canada. The company needed to terminate more than 100 leases and eliminate over $4 billion in debt. The filing represented the culmination of years of unsustainable spending, governance failures, and an over-leveraged real estate model that left employees, landlords, and investors bearing massive losses.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.429 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.57)× agency (negligent ×0.5)
Evidence (1 signal)
NPR reported WeWork filed for Chapter 11 bankruptcy with $19B in liabilities
NPR reported on November 6, 2023 that WeWork filed for Chapter 11 bankruptcy protection, listing approximately $19 billion in liabilities against $15 billion in assets, affecting over 500 co-working locations worldwide.