Flex space provider Knotel and its US subsidiaries have filed for bankruptcy relief under Chapter 11, with plans to be acquired by an affiliate of Newmark Group. It also plans to exit multiple locations in the US.
The company also filed a motion requesting approval of a stalking horse asset purchase agreement with Newmark.
An affiliate of Newmark has given Knotel a $20 million commitment for debtor-in-possession financing that is subject to court approval. Knotel believes the financing is enough to support its day-to-day operations during the process, including paying employee wages and benefits, as well as working with customers and vendors.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
