From CNBC:
WeWork was once valued at $47 billion. Now, the office-sharing company is in the throes of the bankruptcy process after its Monday filing. It has about $16 billion in long-term leases, which the company has been renegotiating. (Other than being the latest buzzy company to fall from grace, WeWork has been a key client for commercial real estate landlords already struggling with an inconsistent return-to-office patterns due to Covid.) The move plunged WeWork into a troubling new chapter of its staggeringly sharp and quick downfall, which was already fodder for a miniseries starring Jared Leto as founder Adam Neumann. For his part, Neumann, who stepped down as CEO in 2019 and received hefty payouts, called the bankruptcy filing “disappointing.”