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WeWork's debt restructuring plan was approved by a US judge to cut $4 billion in debt
Glonghui, May 31 | Shared office operator WeWork's debt restructuring plan was approved by a US judge. In order to get rid of Chapter 11 bankruptcy protection barriers, the group also cut the amount of debt by 4 billion US dollars. After completing the debt restructuring, WeWork's lease commitments will be reduced by $8 billion, and the number of management offices will be reduced from 450 to 160; the company's shares will be owned by a group of creditors and real estate technology company Yardi Systems.
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Express News | Wework said it will cut more than $4 billion in pre-application debt and will become debt-free in mid-June 2024.