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Market Updates

WeWork Inc plunged 9.9% to 19 cents after the company said in an SEC filing that it may consider restructuring its debt including bankruptcy amid weak membership rates.

Consolidated revenue in the second quarter rose to $844 million from $815 million and net loss shrank to $349 million from $577 million and diluted loss per share was 21 cents from 76 cents a year ago.

Average revenue per physical member increased 4% to $502 in the second quarter and physical membership declined to 587,000 from 589,000 but occupancy rate rose to 72% from 70% a year ago.

Company management is struggling to improve liquidity and profitability over the next year by cutting operating and capital expenditures, renegotiating lease payments and control churn rate and seek new capital through debt and securities sales.

On May 5, 2023, the Company closed on its previously announced debt exchange and restructuring transactions.

As of June 30, the company had $680 million of liquidity, consisting of $205 million of cash and $475 million of capacity under its delayed draw, first lien notes, of which $175 million were drawn in July.

09 Aug, 2023

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