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WeWork missed paying coupons on five of its bonds, thereby entering a 30-day grace period across these notes. As per a regulatory filing, WeWork withheld $37.3mn of cash payments and $57.9mn of payments in-kind. The co-working company however said that it had sufficient liquidity to make the payments and may make good on them in the grace period during which it plans to negotiate with creditors and preserve cash. WeWork’s dollar bonds had collapsed in August after it sounded a bankruptcy warning, announcing “substantial doubt” about its ability to continue operating due to sustained losses and cancelled memberships.
Its bonds were trading weaker and are at deeply distressed levels of ~7 cents on the dollar.
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