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By Ben Glickman
Shares of WeWork dropped sharply Tuesday on reports that the company was planning to file for bankruptcy as soon as next week.
The stock was down 43%, to $1.31, in after-hours trading, following a 12% drop at Tuesday’s close. Shares are down 96% this year.
The Wall Street Journal reported Tuesday that the New York-based co-working space company was planning to file for chapter 11 protections as early as next week, citing people familiar with the matter.
The company is considering filing for bankruptcy in New Jersey, the people said.
WeWork missed interest payments earlier this month, and on Tuesday reached an agreement with bondholders to give the company another week to negotiate before a default is triggered.
A spokesperson for WeWork declined to comment on the specific report.
Write to Ben Glickman at [email protected]
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