WeWork: From the most valuable start-up to bankruptcy

According to court documents, the once most valuable US start-up wants to seek restructuring. It was already said last week that WeWork wanted to take this step to get its debts under control.

WeWork was once valued at $47 billion, but is now only worth $44 million on the stock market. But the company has never been in the black. Plans to reduce costs so much that the company would at least stop burning money failed due to the weakness of the office real estate market. The company, which is backed by the Japanese tech investor SoftBank, was no longer able to service promissory notes. According to the rating agency Fitch, the business model is fundamentally viable if higher utilization and the separation of weak locations are achieved.