WeWork said on Tuesday that it had secured commitments for up to $682.5 million in debtor-in-possession financing from some of its lenders, weeks after the shared office space provider filed for bankruptcy protection, Reuters reported. The SoftBank-backed company is seeking to address more than $4 billion in debt and unsustainable future rent costs through a bankruptcy plan. WeWork, once the most valuable U.S. startup, struggled to achieve profitability as a rise in work-from-home trends following the pandemic soured demand for its shared office spaces. In a regulatory filing, WeWork disclosed it had entered into a commitment letter on Nov. 15 with parties including Goldman Sachs International Bank, JPMorgan Chase Bank and SoftBank Vision Fund 2 for the financing of a letter-of-credit facility. The financing could be as much as $682.5 million but it could also be smaller than that depending on other conditions, WeWork said, adding that the parties have agreed to provide the financing individually and not jointly.
