(Reuters) – WeWork said on Tuesday David Tolley would step down as its CEO and director as the flexible workspace provider was set to emerge from Chapter 11 bankruptcy on the same day.
Below is a timeline of WeWork developments since mid-2019:
Aug 2019 WeWork filed for an IPO and published detailed
financial statements that showed it lost almost
$700 million in the first half of 2019 while
doubling its revenue.
Sept 2019 WeWork said it planned to proceed with an
investor roadshow for its IPO, despite concerns
over the valuation it could achieve in a listing.
Sept 2019 WeWork said it planned to list its stock on
Nasdaq and announced changes to its corporate
governance, including curbs in the voting power
of then CEO Adam Neumann.
Sep 2019 Co-founder Neumann agreed to resign as CEO,
bowing to pressure from some investors.
Sep 2019 WeWork filed to withdraw its IPO as the potential
valuation dropped to as low as $10 billion, from
$47 billion in January 2019.
Nov 2019 WeWork said it would lay off around 2,400
employees globally as it sought to drastically
cut costs and stabilize its business.
Feb 2020 WeWork named real estate industry veteran Sandeep
Mathrani as its new CEO.
Mar 2021 WeWork disclosed in a presentation to prospective
investors that it had lost $3.2 billion in 2020.
Mar 2021 WeWork agreed to go public through a merger with
blank-check firm BowX Acquisition Corp
Oct 2021 WeWork went public via a SPAC deal.
May 2022 WeWork appointed Andre Fernandez as its CFO,
replacing Benjamin Dunham.
Nov 2022 WeWork said it would exit about 40
underperforming U.S. locations.
Jan 2023 WeWork said it would cut about 300 roles globally
as part of efforts to cut back on underperforming
locations.
Mar 2023 WeWork struck deals to cut debt by about $1.5
billion and extend the date of some maturities,
in a bid to preserve cash as it felt the heat of
mass layoffs on its business.
Apr 2023 WeWork received a non-compliance notice from the
New York Stock Exchange, as its stock closed
below $1 on average over a consecutive 30
trading-day period.
May 2023 WeWork said CEO Sandeep Mathrani would step down,
effective May 26.
May 2023 CFO Andre Fernandez said he would resign on June
1, less than a year into the role.
Aug 2023 WeWork raised “substantial” doubt about its
ability to continue as a going concern, and said
three board members had stepped down.
Aug 2023 WeWork said it would proceed with a one-for-forty
reverse stock split to regain compliance with
listing requirements.
Sept 2023 WeWork started a process to negotiate favorable
terms with its landlords and planned to exit
underperforming locations.
Oct 2023 WeWork decided to withhold interest payments of
about $95 million related to some of its notes.
Oct 2023 WeWork named interim Chief Executive David Tolley
as its CEO.
Oct 2023 WeWork said Chief Operating Officer Anthony
Yazbeck would step down from that role and also
as the company’s president on Oct. 20.
Oct 2023 WeWork withheld interest payment of about $6.4
million on some of its notes.
Oct 2023 WeWork planned to file for bankruptcy in the
first week of November, a source familiar with
the matter said.
WeWork said it sought U.S. bankruptcy protection
Nov 2023 and entered a restructuring agreement to wipe out
about $3 billion of secured debt
Nov 2023 WeWork
secured
commitments for up to $682.5 million
in debtor-in-possession financing from some of
its lenders
WeWork founder
Feb 2024 Adam Neumann
was
trying to buy back the flexible
workspace company.
March 2024 Adam Neumann
submitted a bid
of more than $500 million to buy
back WeWork, a source told Reuters
April 2024 WeWork said it
aimed
to emerge from Chapter 11 bankruptcy
in the U.S. and Canada by May 31 and had
negotiated more than $8 billion in reduction in
rent commitments from landlords
April 2024 WeWork
announced
a settlement with its junior
creditors and a new cash infusion from its senior
lenders
May 2024 Adam Neumann
ended
his bid to re-acquire WeWork as the
company chose to emerge from bankruptcy with an
“unrealistic” plan, he told the New York Times’
Dealbook.
May 2024 A U.S. bankruptcy judge
approved
WeWork’s Chapter 11 bankruptcy plan.
WeWork said CEO
June 2024 David Tolley
would step down as the company was
set to emerge from bankruptcy on the same day.
(Reporting by Pratyush Thakur, Kannaki Deka and Shubham Kalia in Bengaluru; Editing by Milla Nissi, Varun H K, Jamie Freed and Shailesh Kuber)
