Knotel has filed for chapter 11 protection in Delaware court after the WeWork rival was pressured by the coronavirus, Bloomberg News reported. The company, which manages and rents short-term office space, has had to grapple over the past year with companies and governments mandating that workers stay at home. It listed both estimated liabilities and assets of $1 billion to $10 billion. The company has obtained debtor-in-possession financing from an affiliate of Newmark of about $20 million in cash. In March of last year, New York-based Knotel said it was cutting or furloughing half of its staff, or about 200 workers, in response to the coronavirus.
