WeWork Canada GP ULC, a division of the global workspace provider WeWork Inc., filed for Chapter 11 bankruptcy in the U.S., followed by an interim stay in Canada. The filing, aimed at restructuring the company’s finances, was driven by unsustainable leases and changes in the commercial real estate landscape. The bankruptcy filing, affecting WeWork's U.S. and Canadian operations, listed debts of $18.65 billion against assets of $15.06 billion.
The Chapter 11 proceedings included a restructuring support agreement (RSA) covering 92 percent of its secured notes. WeWork aimed to streamline its real estate footprint and eliminate $4 billion in debt. The company received conditional approval for a disclosure statement and secured $450 million in financing to support operations during the bankruptcy process.
Goodmans acted as counsel to WeWork, Osler for A&M as information officer, TGF for OMERS, Daoust Vukovich for Hoopp Realty, and Gowlings for Ivanhoe Cambridge.
The Goodmans team included Brendan O’Neill, Joseph Pasquariello, Andrew Harmes, Trish Barrett, Jennifer Linde, Ken Herlin.