WeWork gets court approval for its plan to complete and exit its bankruptcy process by the end of May.
The company announced that it "received court approval of its Disclosure Statement and several additional key motions, paving the way for the company to conclude its financial and operational restructuring and successfully emerge from Chapter 11 by the end of May."
This includes up to roughly $450 million in new financing, a settlement with junior creditors, senior creditors getting the company's equity for elimination of all outstanding $4 billion in debt, and the rejection of a $650 million purchase offer from Adam Neumann, co-founder and former chief executive.
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