WeWork Moves Toward Bankruptcy Exit with New Restructuring Plan, Rejects Neumann's Bid

WeWork's restructuring plan, supported by major creditors, aims for a May exit from bankruptcy, sidelining former CEO Adam Neumann's acquisition attempts.

• WeWork, aiming to exit bankruptcy by May, has secured a new restructuring deal with up to $450 million in funding from major backers including SoftBank.
• The plan cancels $4 billion in debt and hands majority equity to Cupar Grimmond, with SoftBank retaining a significant stake.
• Adam Neumann's $650 million bid to regain control of WeWork was rejected, as the company opts for a deal with existing creditors and partners.
• Neumann and his company, Flow Global, have criticized the deal, alleging it undervalues the company, which they continue to contest.
• WeWork's restructuring includes significant lease cancellations and rent reductions, aiming to stabilize its financial position post-bankruptcy.

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