WeWork reaches settlement with creditors, rebuffs Neumann bid [Globe and Mail, The (Toronto, Canada)]
SOFTBANK GRP UNSP/ADR (SFTBY)
NASDAQ:AMEX Investor Relations:
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Source: Globe and Mail, The
lenders, moving ahead with a bankruptcy deal that rejects a $650 million offer from co-founder and former owner Adam Neumann. During a hearing in Newark, New Jersey, U.S. Bankruptcy Judge John Sherwood signed off on the New York-based, SoftBank-backed company sending its restructuring plan to a creditor vote, putting it on track to exit bankruptcy by the end of May. The restructuring, now supported by all of WeWork 's major creditors, would hand the company's equity to its senior lenders and cancel its $4 billion in debt. The revised bankruptcy deal includes up to $450 million in new funding from SoftBank, a group of senior bondholders that includes King Street Capital, and Cupar Grimmond, a company affiliated with WeWork technology partner Yardi Systems. After the restructuring, Cupar Grimmond would own a majority of WeWork's equity, and SoftBank would have 16.5 per cent, although SoftBank's share could rise to as high as 36 per cent, depending on how WeWork decides to equiti
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