WeWork shares have been suspended from trading following reports that the company is set to file for bankruptcy.
The New York Stock Exchange halted trading in the flexible office company’s shares on Monday 6 November, as Wall Street braces for its potential filing of Chapter 11 protection.
Trading was stopped ahead of the opening bell, with the exchange confirming that there is “news pending” from the company.
WeWork, once privately valued at $47bn, shoulders $2.9bn of long-term debt. In August, the company said there was “substantial doubt” that it could continue to operate under its existing model. It has since confirmed that it wants to renegotiate almost all its leases globally and exit any that are deemed “unfit”.
Last week the Wall Street Journal reported a looming bankruptcy, sending its shares plummeting. The stock has lost 96% of its value so far this year. The shares have been suspended at 83 cents.
WeWork has yet to respond to a request for comment on the trading suspension.
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